After Seven Months of Suspension, Binance Returns to Major Cryptocurrency Market

The Binance exchange celebrated its return to the market as a major milestone. In recent years, cryptocurrency exchange Binance has faced numerous issues, leading to sanctions and an exodus from key regions. In January 2024, Binance and eight other exchanges faced regulatory pressure from India, leading to the suspension of their services. After seven months of trying to get approval from the country, the exchange has made significant progress.

Binance Returns to India

In a statement released on Thursday, August 15, 2024, the exchange announced that it had registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND). Binance’s announcement follows earlier speculation in April that it might return and suggestions that this could include a $2 million penalty. Binance announced that our website and app are now fully available to users in India.

As part of its regulatory obligations, Binance will implement strict anti-money laundering (AML) policies and controls, as well as a comprehensive framework to combat the financing of terrorism in the region.

Binance CEO Richard Teng commented on the return to India:

Our registration with FIU-IND is an important milestone in Binance’s journey. Recognizing the importance and potential of the Indian digital asset market, compliance with Indian laws allows us to tailor our services to the needs of Indian users.

Binance’s return to India also makes its website and app services available to users again, making it one of the few exchanges registered in the country.

Tighter Regulation of Crypto Exchanges in India

The Financial Intelligence Unit of India (FIU-IND), the regulator responsible for overseeing digital and virtual assets in India, has taken a strict approach over the year, focusing on underperforming companies in the region. Earlier this year, the FIU-IND required all cryptocurrency exchanges facilitating cryptocurrency transactions to register with the entity, irrespective of whether they have a physical presence in India.

This mounting pressure has led to the delisting of several cryptocurrency service providers, including OKX, and restrictions on the services of others such as Kraken and Bitfinex.

Recently, cryptocurrency exchange BitGet has also faced restrictions on its services for users in the region and has sought approval from regulators.