Binance officially registers with Indian regulator to re-enter $260 billion market
|- Binance received official registration from India’s Financial Intelligence Unit after months of tussle with regulators.
- Binance is the second offshore crypto exchange to receive the anti-money laundering unit’s approval after KuCoin.
- BNB price wiped out 1% of its value this week.
Crypto exchange Binance has made a comeback to the Indian crypto market after receiving the official registration from India’s financial intelligence agency, according to a report by the local news outlet Moneycontrol. The Financial Intelligence Unit’s (FIU) director gave on Friday a statement on the initial registration of the exchange.
Binance could soon resume services for Indian crypto users
India’s FIU had blocked Binance, KuCoin, and seven other global cryptocurrency exchanges for violating local anti-money laundering laws. Following the order of the agency, the mobile applications of these cryptocurrency exchanges were removed from Google's Play Store and Apple's App Store for Indian users.
Reports from a local news outlet Moneycontrol state that Binance is working on resuming its operations in India after the exchange has acquired an official registration with the FIU. The agency’s director, Vivek Aggarwal, said at a workshop conducted by Bharat Web3 Association in New Delhi that KuCoin is fully registered and operational after paying a penalty of INR 3.45 million ($41,303).
Aggarwal said that Binance is yet to resume operations and the penalty has not been decided yet. The exchange has completed its initial registration with the FIU and the discussion on the penalty and compliance proceedings is underway.
Indian crypto market is the world’s second largest
A 2023 global report on crypto by Chainalysis showed the Indian crypto market as the second largest in the world. The report states that India received $260 billion in cryptocurrencies in between July 2022 and June 2023.
India is the second-largest market
Binance could soon reopen doors to the second-largest market of crypto users after the settlement of penalties.
BNB price is $587.50 at the time of writing, losing nearly 1% on the week.
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