Binance, a virtual digital assets (VDA) infrastructure
provider, has registered as a reporting entity with India’s Financial
Intelligence Unit (FIU-IND). This marks Binance’s 19th global regulatory
milestone.

India Ranks High Globally

The registration highlights Binance’s focus on complying
with anti-money laundering (AML) standards in India and internationally.

According to Chainalysis’ 2023 Global Crypto Adoption Index, India ranks among
the top five countries in terms of estimated transaction volume across various
crypto platforms. This reflects the significant growth and potential of the
Indian market.

Binance’s compliance program includes stringent AML policies
and a comprehensive framework for combating the financing of terrorism (CFT).
The company aims to enhance market standards and user protection in India by
implementing these frameworks.

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.”

#Binance goes live in India 🇮🇳Binance is now registered as a reporting entity with India’s Financial Intelligence Unit, marking our 19th global regulatory milestone!Our website and app are now fully available for Indian users.Read more 👇https://t.co/samyDmwwut

— Binance (@binance) August 15, 2024

Expanding Indian Access

In addition to AML and CFT measures, Binance’s compliance
program features robust identity verification processes (know your customer, or
KYC) and a Financial Crimes Compliance unit. This unit supports law
enforcement in investigating VDA-related crimes and contributes to the overall
security of the ecosystem.

With this registration, Binance’s website and application
are now fully accessible to Indian users, offering a range of services and
tools tailored to their needs.

This article was written by Tareq Sikder at www.financemagnates.com.