Binance is Back: Crypto exchange resumes operations in India after ban and fine!

Binance is back in India! After months in the dark, the world’s largest cryptocurrency exchange has officially returned, now registered as a reporting entity with the Financial Intelligence Unit India or FIU-IND.

Binance took a major step to regain its foothold in the Indian market by complying with local regulations. This move comes after the crypto giant faced a show-cause notice from the finance ministry for non-compliance with the country’s anti-money laundering laws.

Back in December 2023, Binance was banned from operating in India for failing to register as a reporting entity and adhere to strict anti-money laundering provisions. The situation escalated in June when the FIU imposed a hefty fine of 18.82 crore rupees on the exchange.

Now, with its registration complete, Binance has resumed full operations in India. The website and app are once again accessible, allowing Indian users to dive back into the world of cryptocurrency trading.