Binance, the world’s leading virtual digital assets (VDAs) infrastructure provider, has reached a significant regulatory milestone by registering as a reporting entity with India’s Financial Intelligence Unit (FIU-IND). This marks the 19th global regulatory achievement for Binance, further solidifying its commitment to compliance with anti-money laundering (AML) standards both in India and globally.
Richard Teng, CEO of Binance, highlighted the importance of this development, stating, “Our registration with the FIU-IND marks an important milestone in Binance’s journey. Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services for Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”
India is recognized as a global leader in grassroots crypto adoption, according to Chainalysis’ 2023 Global Crypto Adoption Index. The country ranks among the top five in estimated transaction volume across centralized and decentralized exchanges, lending protocols, and token smart contracts, highlighting the vibrancy and potential of the Indian market in the evolving landscape of digital finance.
Binance’s registration with FIU-IND underscores its dedication to implementing world-class compliance programs in India. These programs include robust AML policies, comprehensive frameworks for combating the financing of terrorism (CFT), and rigorous identity verification (know your customer, or KYC) processes. Binance’s Financial Crimes Compliance (FCC) unit is also a key component of its compliance strategy, assisting law enforcement in investigating VDA-related crimes and contributing to the overall security of the ecosystem.
Richard Teng emphasized, “Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.”
With this registration, Binance has made its platform fully accessible to Indian users, offering a comprehensive suite of services and tools tailored to meet the needs of the Indian market. This move is expected to elevate market standards for all crypto exchanges in India while ensuring stronger protections for users.
About Binance
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, offering a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, Binance is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and services across various areas, including trading and finance, education, data and research, social good, investment and incubation, and decentralization and infrastructure solutions.
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Source : Cxotoday
