Crypto giant Binance goes live in India. The platform has officially registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND) and this makes a milestone for Binance as it becomes the 19th jurisdiction to regulate the company globally. On August 15 Binance announced on X (formerly Twitter) that its website and app are now accessible for Indian users. The company said that Binance goes live in India because it aligns with its dedication to meeting anti-money laundering (AML) standards.
Binance’s Commitment to Indian Regulations
Binance’s CEO, Richard Teng said the importance as Binance goes live in India. He stated “Our registration with the FIU-IND is a key achievement for Binance. India’s virtual digital asset (VDA) market has great potential, and this regulatory alignment enables us to offer services tailored specifically for Indian users. It is an honor to expand our platform to such a thriving market and support the ongoing development of India’s digital asset industry.”
Teng also pointed out that Binance’s commitment to stringent regulations is vital for creating a secure and transparent trading environment. The platform’s full range of services is now available to Indian users telling Binance’s focus on expanding within India’s rapidly growing crypto market.
Challenges and Legal Battles in India
Binance’s entry into the Indian market wasn’t without hurdles. The exchange recently paid a $2.25 million fine imposed by FIU-IND for non-compliance with AML regulations. Additionally Binance was hit with an $87 million GST bill earlier this month for tax non-compliance. Despite these challenges Binance secured approval to relaunch in India allowing nearly 100 million crypto traders access to its platform. This comes after the exchange faced a seven-month ban for not being registered with FIU-IND.
Global Challenges and Binance’s Strategy
While Binance is now live in India the company continues to face legal issues in the US. The exchange recently settled a $4.3 billion lawsuit related to former CEO Changpeng Zhao (CZ). As part of the settlement CZ stepped down and served four months in prison. Despite these global challenges Binance remains focused on regulatory compliance and expanding its services across key markets like India.
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BNB Token’s Potential Surge
Binance’s native token, which is BNB has shown strong momentum recently. Market analysts predict a potential 16% increase with BNB possibly reaching the $600 mark. The positive trend is supported by technical indicators like the Moving Average Convergence Divergence (MACD) that shows growing bullish momentum. As Binance goes live in India this could further boost BNB’s performance.
India’s Crypto Market Growth and Binance’s Position
India ranks among the top five countries for crypto transaction volume as reported by Chainalysis. The country has nearly 100 million crypto traders and Binance’s re-entry positions the exchange strategically in this vibrant market. Other exchanges like KuCoin and OKX have also shown interest in India though Binance stands out due to its size and regulatory compliance.
Binance’s comeback in India is a significant development for both the exchange and the country’s crypto landscape. With Binance now live in India the platform is set to cater to millions of users bringing secure and efficient crypto trading options to one of the world’s largest digital asset markets.