Binance Completes AML Registration in India

Binance has successfully registered with India’s Financial Intelligence Unit, aligning itself with the country’s anti-money laundering (AML) standards. This move marks Binance’s 19th regulatory achievement globally and demonstrates the company’s commitment to maintaining transparency and compliance in the markets it operates.

Announced on August 15, Binance highlighted this registration as a step forward in its mission to create a “transparent and efficient ecosystem.” The exchange is now close to securing its 20th global registration, a milestone CEO Richard Teng described as an “important milestone in Binance’s journey.” He also said that aligning with Indian regulations allows Binance to better serve the country’s growing virtual digital asset (VDA) market.

This registration also means Binance can resume operations in India after being banned for seven months by local authorities due to operating without proper registration. The ban had also impacted other major crypto exchanges like KuCoin, Huobi, and Kraken, which were required to comply with India’s AML and counter-terrorism financing regulations.

Earlier this month, Binance faced a show-cause notice from India’s tax enforcement agency, demanding around $86 million in goods and services tax (GST). The Directorate General of GST Intelligence (DGGI), under India’s Ministry of Finance, alleges that Binance collected fees from Indian users without registering under the GST framework, leading to the tax liability.