Binance Re-enters Indian Market with FIU Registration

IconCryptoNewsTerminal Staff15 Aug, 2024

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Binance Re-enters Indian Market with FIU Registration

Binance Registers as 'Reporting Entity' with India's Financial Intelligence Unit Binance has announced its official registration as a "reporting entity" with the Financial Intelligence Unit (FIU) under the Indian Ministry of Finance. This move comes after the Indian government blocked the websites of several cryptocurrency exchanges, including Binance, for non-compliance with local regulations. The registration with the FIU allows Binance to implement its anti-money laundering (AML) and counter-financing of terrorism (CFT) frameworks in the Indian market. Indian investors can now regain access to Binance's website and mobile applications. Binance CEO Richard Teng stated, "With this registration, we are committed to working with the Indian authorities to develop a regulatory framework for the cryptocurrency industry." He added, "We believe that this is a positive step towards mainstream adoption of cryptocurrencies in India." Previous Related News: (Insert here if any)

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