Binance Registers as Reporting Crypto Service with India’s Financial Intelligence Unit

The registration marks the 19th global regulatory milestone the exchange has reached in its goal for global crypto compliance

Crypto exchange Binance announced on August 10 that it has registered as a reporting crypto service with India’s Financial Intelligence Unit (FUI-IND). The registration marks the 19th global regulatory milestone the exchange has reached in its goal for global crypto compliance, the exchange said.

The registration also highlights the exchange’s commitment to offering secure, transparent, and efficient services. The company reiterated its plans to responsibly expand while contributing to the global adoption of digital currencies. The exchange hopes to promote local standards while offering more protection for India’s crypto users.

The announcement comes after FUI-IND banned several exchanges from India’s crypto market, including Binance, Kraken, MEXC Global, Huobi, and KuCoin, over a lack of crypto service reporting.

India’s Directorate General of GST Intelligence’s Ahmedabad zonal unit had also demanded Binance to pay approximately $86 million in GST taxes. The financial unit alleged that Binance earned about Rs. 4000 crore from services it offered the Indian crypto market.

The exchange now has licensing from Sweden, Dubai, France, Lithuania, Italy, Kazakhstan, Bahrain, Indonesia, Japan, and more. The crypto exchange also employs Anti-Money Laundering (AML), Know Your Customer (KYC), and Combating the Financing of Terrorism (CFT) compliance for the safety of its users.

Binance recognizes India’s virtual assets market’s potential

The announcement highlighted the exchange’s belief in the Indian virtual digital asset (VDA) market potential. The crypto exchange cited a 2023 research report by Chainalysis, which indicated India as the top country in grassroot crypto adoption.

India scored the highest in the overall ranking, centralized service value received, retail centralized service value received, decentralized finance (DeFi) value received, and retail DeFi value received. The country ranked fifth in peer-to-peer exchange trade volume.

The exchange mentioned that the indicators showed the ‘vibrancy and massive potential’ of the Indian digital assets industry. The exchange believes navigating the exciting Indian market requires aligning itself with local compliance requirements.

“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.”

–Richard Teng, Binance’s CEO

Binance’s CEO, Richard Teng, said it was a privilege for the exchange to present its cutting-edge services to India’s crypto community. Teng also highlighted that the exchange would help the Indian VDA market evolve.

Binance.US will suspend services in Washington, D.C.

Binance.US, will halt its services in Washington, D.C., on August 20 due to stringent crypto regulations in the state. The exchange will also close all customer accounts after its services are halted.

The exchange explained that the decision comes after regulatory changes that made Binance.US lose its licensing to operate in the state. The exchange also lost licensing in other states within the United States. Binance.US further halted customer onboarding in Minnesota, Ohio, Connecticut, and Georgia.

Biance.US mentioned the continuing case the U.S. Securities and Exchange Commission (SEC) filed against the exchange in June 2023. The exchange is still confident that the commission’s grounds for suing the U.S. exchange are unfounded. Binance.US insisted on its compliance with all the guidelines provided by the U.S. SEC.

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