Binance Completes Registration with India's Financial Intelligence Unit After $2.2 Million Fine

Binance, the world's largest cryptocurrency exchange, has finalized its registration with India's Financial Intelligence Unit (FIU-IND) just a few months after being fined $2.2 million for operating in the country without authorization. The registration, which marks Binance's 19th global entry, ensures that its website and app are now fully accessible to users in India.

The process began in May, shortly after Binance and eight other exchanges were banned under India's Prevention of Money Laundering Act (PMLA). Binance received provisional approval for registration contingent upon paying the fine for non-compliance with India's anti-money laundering regulations. The fine amount was determined in June.

"This registration highlights Binance’s dedication to adhering to anti-money laundering (AML) standards and promoting a secure, transparent, and efficient environment," the company stated.

Similarly, KuCoin, another exchange previously banned, paid a $41,000 penalty to resolve its issues with FIU-IND.

Binance has been addressing regulatory challenges across major global markets. Last year, it paid $4.3 billion in the U.S. to settle charges related to sanctions violations and money-transmitting laws. As part of the settlement, founder Changpeng "CZ" Zhao stepped down as CEO and was sentenced to four months in prison in April.

"Our commitment to rigorous regulation is a core aspect of our business strategy, aimed at creating a secure, transparent, and efficient environment," said CEO Richard Teng in the statement.