Binance resumes operations in India after $2.25 million penalty

Binance has officially resumed operations in India after addressing legal issues with the Financial Intelligence Unit of India (FIU-IND). The popular cryptocurrency exchange has restored access to its website for users in India after fulfilling a $2.25 million penalty and completing necessary registration requirements.

The reopening marks a significant milestone for Binance in the Indian market, where it had previously faced a temporary ban due to non-compliance with local regulations. The FIU-IND imposed the hefty fine after finding that Binance had violated the country’s anti-money laundering laws, operating without proper registration and failing to adhere to statutory obligations under the Prevention of Money Laundering Act (PMLA), 2002.

The penalty was confirmed in an order dated June 19, 2024, which highlighted that Binance's services to Indian clients were conducted without following the required legal protocols. In December 2023, the FIU issued a notice to Binance, demanding an explanation for its regulatory breaches.

With the unblocking of its URL, Binance is now back to serving millions of Indian cryptocurrency enthusiasts, signaling its commitment to complying with local regulations and enhancing its operations in the region.