Binance has registered with the FIU as it aims to restart operations in India.

Although Binance has completed registration with the FIU, it can only recommence operations once it settles a penalty for past non-compliance, the amount of which has not been determined yet.

According to a senior official from India’s Financial Intelligence Unit (FIU), Binance, the world’s largest cryptocurrency exchange, has officially registered with the FIU. This move comes as Binance aims to restart its operations in India. Previously, in December, the exchange faced a ban on operating in the country due to non-compliance with local regulations. This action was part of the financial watchdog’s efforts to crack down on offshore crypto exchanges operating in India without proper registration. To operate legally in India, virtual digital asset service providers, including crypto exchanges, are required to register with the FIU as reporting entities and adhere to the anti-money laundering rules mandated by the country.

According to Vivek Aggarwal, director of the FIU, although Binance has completed registration with the FIU, it can only restart operations once it settles a penalty for past non-compliance. The amount of this penalty is yet to be determined. In December 2023, the FIU issued show cause notices to nine offshore cryptocurrency exchanges for failing to comply with local regulations. Additionally, the financial watchdog requested the Ministry of Electronics and Information Technology to block online access to these exchanges.

Aggarwal stated that KuCoin, an offshore cryptocurrency exchange, has also completed registration with the FIU and has resumed its operations. This action followed the payment of a fine amounting to 3.45 million rupees ($41,313).