Binance, the world’s leading virtual digital assets (VDAs) infrastructure provider, announced its registration as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), marking Binance’s 19th global regulatory milestone.
The registration with the FIU-IND underscores Binance’s commitment to compliance with anti-money laundering (AML) standards in India and around the world.
Richard Teng, CEO of Binance, remarked on this development, saying, “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 leads the world in grassroots crypto adoption, according to Chainalysis’ 2023 Global Crypto Adoption Index. The country ranked in the top five by estimated transaction volume across centralized and decentralized exchanges, lending protocols, and token smart contracts. This highlights the vibrancy and massive potential of the Indian market and its strategic importance for the future of finance.
In line with its global standards, Binance brings its world-class compliance program, which encompasses robust anti-money laundering (AML) policies and controls and a comprehensive framework for combating the financing of terrorism (CFT). Binance hopes that implementing these industry-leading frameworks in the Indian market can meaningfully contribute to the local context and elevate market standards for all crypto exchanges. Not only is this beneficial for the Indian VDA industry, but, most importantly, it ensures stronger protections for users.
In addition to rigorous AML and CFT controls, key components of Binance’s compliance program are robust identity verification (know your customer, or KYC) processes and the industry-leading Financial Crimes Compliance (FCC) unit, designed to assist law enforcement in investigating VDA-related crimes and capacity building, fortifying the collaborative security of the ecosystem.
Richard Teng added, “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, the Binance website and application are now fully available for Indian users, providing them with access to Binance’s comprehensive suite of services and tools tailored to meet their needs.