Binance Resumes Services in India

Binance, the largest cryptocurrency exchange globally, has resumed its services for Indian users following a seven-month suspension due to allegations of operating illegally in the country. The exchange announced on Thursday that it has registered as a reporting entity with India’s Financial Intelligence Unit (FIU), which oversees financial transactions to combat money laundering and terrorism financing. This move comes after the FIU recommended blocking several foreign crypto exchanges, including Binance, due to non-compliance with local regulations. The FIU's actions were prompted by complaints from local crypto exchanges, which argued that they were losing business to foreign competitors that were not adhering to Indian laws. As a result, Binance's website and mobile applications are now operational in India, marking a significant regulatory achievement for the firm. Richard Teng, CEO of Binance, emphasized the importance of this registration, stating it allows the company to better serve the Indian market and support its evolving digital asset landscape. Despite the potential of India's cryptocurrency market, it remains relatively undeveloped. Over the past five years, the Reserve Bank of India has pressured banks to limit their dealings with crypto firms, while stringent tax policies have dampened local interest in digital assets. This challenging environment has led to other exchanges, such as Coinbase, halting customer registrations in India due to perceived pressures from the central bank.