Binance completes registration with India’s financial intel

Cryptocurrency exchange Binance has registered with the Financial Intelligence Unit of India to comply with AML standards in the country.

Binance announced in a blog post on Thursday, August 15, that it has completed its registration as an Indian intelligence reporting agency, marking its 19th regulatory milestone globally.

The trading platform said the registration underscores its commitment to adhering to anti-money laundering standards and developing a “transparent and efficient ecosystem.” With the latest developments, Binance is nearing its 20th registration worldwide, which CEO Richard Teng described as “a significant milestone in Binance’s journey.”

“Recognizing the vitality and potential of India VDA, [virtual digital asset] “In our market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users.”

Richard Teng

Following the registration, Binance resumed operations in India after being banned by local authorities for seven months for operating without proper registration. The ban also affected other crypto exchanges such as KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC, which were required to register locally to comply with India’s AML and counter-terrorism financing regulations.

Earlier in August, Binance received a show-cause letter from India’s tax enforcement agency to pay around $86 million in goods and services tax. According to reports, DGGI, an agency under India’s Ministry of Finance to combat tax evasion, claims that Binance is liable to pay GST because it collects fees from Indian citizens using its platform. The crypto exchange also reportedly failed to register under the GST framework.