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- Binance has resumed operations in India after a $2.5 million settlement with the country’s Financial Intelligence Unit, allowing the exchange to serve nearly 100 million crypto users.
- Binance is also working on building a robust compliance program with AML policies and frameworks designed to combat illicit financing.
The world’s largest crypto exchange, Binance, has finally re-entered the crypto market after settling for $2.5 million with India’s Financial Intelligence Unit. As a result, Binance will now be able to operate as a registered entity and reopen its services to nearly 100 million crypto users in India.
Over the past year, Binance has been navigating through regulatory challenges across the world, including the Indian market. After seven months of hiatus, the Binance exchange said that its website and app are fully available to Indian crypto investors. “The registration with the FIU underscores Binance’s commitment to compliance with anti-money laundering standards in India as well as any other jurisdiction it operates in,” noted Binance in its blog post.
Speaking on the development, Richard Teng, CEO of Binance, said:
Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users.
Apart from Binance, Indian regulator FIU had banned nine crypto websites for conducting illegal operations without proper compliance with local regulations. In June, the Financial Intelligence Unit (FIU) imposed a fine of 188.2 million Indian Rupees ($2.25 million) on Binance for breaching regulations under India’s Prevention of Money Laundering Act.
Binance Working on Robust AML Measures
As Binance navigates through different jurisdictions, it said that along with local registration requirements, the exchange is also building a world-class compliance program encompassing anti-money laundering (AML) policies and controls and a comprehensive framework to combat illicit terror financing, reported CNF.
Binance aims to enhance the Indian market by introducing industry-leading frameworks that could significantly strengthen the local ecosystem and raise market standards. This move will benefit the Indian digital asset industry and provide stronger protections for users.
Apart from that, Binance is also facing litigation in the US even after settling the lawsuit against the exchange platform and the former executive Changpeng Zhao. Earlier this year, the exchange paid the US government $4.3 billion in settlement while CEO Zhao stepped down by facing four months in prison.
Binance native cryptocurrency BNB Coin has been on an upward trend for a multi-month period. Furthermore, the BNB/USD technical chart shows strength, suggesting that the BNB coin could rally another 16% all the way towards $600, per the CNF report. As of press time, BNB is trading at $526 with a market cap of $76.9 billion.
BNB is encountering resistance at $560.90 on its path to $600, aligning with the 50% Fibonacci retracement of its drop from the June 6 high of $721.80 to the August 5 low of $400. The Moving Average Convergence Divergence (MACD) indicator reveals positive momentum in BNB’s upward trend, as the MACD line has crossed above the signal line, reinforcing a bullish outlook. On the downside, the Binance Coin could find support at $500 levels. Despite the market slowdown in Q2, Binance clocked $1.2 Billion Net Inflow, per the CNF report.
