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Binance Registers With FIU as It Seeks to Resume Operations in India

Binance Registers With FIU as It Seeks to Resume Operations in India

While Binance has registered with the FIU, it can resume operations only after paying a penalty for previous non-compliances, which is yet to be determined.

By Reuters | Updated: 11 May 2024 12:43 IST

Binance Registers With FIU as It Seeks to Resume Operations in India

Photo Credit: Reuters

Binance was barred from operating in India in December 2023 for non-compliance with local regulations

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Highlights

Binance has registered with the Financial Intelligence Unit in India
The exchange was blocked from operating in India back in December 2023
An official said Binance must pay a penalty for previous non-compliances

Binance, the world's largest cryptocurrency exchange, has registered with India's Financial Intelligence Unit (FIU), a senior FIU official said on Friday, as the exchange seeks to resume operations in the country.

The exchange was barred from operating in India in December for non-compliance with local regulations as part of the financial watchdog's crackdown on offshore crypto exchanges that were operating in the country without registration.

India requires virtual digital asset service providers, like crypto exchanges, to be registered with the FIU as a reporting entity and comply with obligations mandated under the country's anti-money laundering rules.

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While Binance has registered with the FIU, it can resume operations only after paying a penalty for previous non-compliances, which is yet to be determined, Vivek Aggarwal, director of the FIU said.

The FIU had issued show cause notices to 9 offshore cryptocurrency exchanges in December 2023 for non-compliance with local rules.

The financial watchdog had also asked the ministry of electronics and information technology to block online access to the exchanges.

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Offshore crypto exchange KuCoin has also registered with the FIU and has resumed operations after paying a fine of 3.45 million rupees ($41,313), Aggarwal said.

Kucoin had announced the registration in March, but had not shared details of the penalty.

Binance and KuCoin did not immediately respond to emails seeking comment.

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