Binance Nearing Reentry into Indian Crypto Market, Completes Initial Registration: Report

The Financial Intelligence Unit-India (FIU-India) is set to lift the ban on Binance, the world's largest crypto exchange, after completing due diligence, signaling a potential reentry into the Indian crypto market.

  • The Financial Intelligence Unit-India (FIU-India) is set to lift the ban on Binance, the world’s largest crypto exchange, after completing due diligence, signaling a potential reentry into the Indian crypto market.
  • Binance has completed initial registration with FIU-India, paving the way for its operations in India, pending resolution of penalty and compliance proceedings.
  • The move follows the government’s crackdown on unregistered offshore exchanges in December 2023, with Binance among the entities found non-compliant with the Prevention of Money Laundering Act (PMLA) of 2002.

Binance, the leading global crypto exchange, is on the verge of reestablishing its presence in the Indian crypto market. The Financial Intelligence Unit-India (FIU-India) is reportedly nearing the lifting of its ban on Binance after conducting due diligence. The exchange has made progress by completing its initial registration with FIU-India, marking a significant step toward its return to operations in India.

The potential reentry of Binance comes in the wake of regulatory scrutiny on unregistered offshore exchanges operating in India. In December 2023, Binance was among the entities found to be non-compliant with the Prevention of Money Laundering Act (PMLA) of 2002. Following this, the government ordered to block the URLs of these exchanges and delist their apps from major app stores.

The recent developments signal a shift in the Indian crypto landscape, with Binance’s potential return indicating renewed interest and opportunities in the market. However, regulatory compliance and adherence to government guidelines remain critical for crypto players seeking to operate in India.