Binance has recently re-entered the Indian market after addressing compliance issues with the country's Financial Intelligence Unit (FIU). Binance has registered itself as a reporting entity with FIU-IND, allowing it to operate legally in India. Binance can now fully operate in India. Indian users have full access to Binanceâs services, including its website and app.
With this new registration, Binance is committed to adhering to India's AML regulations and enhancing its compliance framework, particularly by improving its Know Your Customer (KYC) processes. This aligns with the broader trend in India's rapidly growing cryptocurrency market, which is under increased regulatory oversight.Binance's successful compliance efforts may encourage other exchanges facing similar challenges in India to follow suit, potentially leading to a more regulated and transparent market.
India is rapidly becoming one of the biggest markets for cryptocurrency. Binanceâs decision to comply with Indian regulations and fully enter the market is expected to raise the standards for the entire industry in the country.
