Binance announced today that its website and app are now fully open to users in India, The Block reported.
A Binance spokesperson told The Block that the exchange has already paid the $2.25 million fine previously imposed by the Indian regulator.
Binance has registered as a “reporting entity” with India’s Financial Intelligence Unit, indicating that the world’s largest cryptocurrency exchange is now allowed to operate in the country after being blocked from doing so since January.
In a blog post published today, Binance said its website and app are now fully accessible to users in India. “Registration with the FIU underscores Binance’s commitment to complying with anti-money laundering standards in India and other jurisdictions in which it operates,” the exchange said.
Binance CEO Richard Teng said in the post, "Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations helps us tailor our services for Indian users."
Binance’s re-entry into India comes after Indian regulators blocked nine cryptocurrency sites in January for operating illegally by failing to comply with local regulations.
In June, the FIU formally ordered Binance to pay a fine of 188.2 million Indian rupees ($2.25 million) for violating rules under the country’s Prevention of Money Laundering Act. At the time, the FIU said it had issued specific instructions to Binance to ensure strict compliance with the country’s anti-money laundering laws.
A Binance spokesperson told The Block today, “We can confirm that the fine has been paid.”
