Binance, the crypto exchange company announced on Thursday that it has achieved another milestone in meeting worldwide regulatory standards. The firm revealed that it has obtained registration with the Financial Intelligence Unit (FIU) of India.
This achievement marks Binance’s 19th global regulatory milestone.
The registration with the FIU, Binance says underscores its commitment to compliance with anti-money laundering (AML) standards in India as well as any other jurisdiction it operates in.
It adds that this step is a testament to Binance’s dedication to fostering a secure, transparent, and efficient ecosystem, aligning with the company’s global standards.
“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 to the needs of 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.” Richard Teng, CEO of Binance, said.
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. Binance says this highlights the vibrancy and massive potential of the Indian market.
As Binance navigates this exciting market, it is not just aligning itself with local registration requirements but also bringing its 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 ecosystem and elevate market standards. Not only is this beneficial for the Indian VDA industry, but, most importantly, it ensures stronger protections for users.
Alongside rigorous AML and CFT controls, key components of Binance’s compliance program include robust identity verification (know your customer, or KYC) processes and an industry-leading Financial Crimes Compliance (FCC) unit designed to assist law enforcement in investigating crypto-related crimes and capacity-building, thereby 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.”
”As we expand into the burgeoning Indian market, Binance aims to operate based on these principles of compliance, user security, and responsible growth while fostering the global evolution of digital assets.” he said.
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