Binance, the world's largest cryptocurrency exchange, has resumed operations to users in India after being suspended for seven months by local authorities for operating “illegally” in the country.
The exchange said on Thursday that it had registered as a reporting entity with the Financial Intelligence Unit (FIU), an Indian government agency tasked with monitoring financial transactions.
Late last year, India blocked nearly 10 foreign crypto exchanges following the recommendation of the FIU. The FIU action came after a group of domestic crypto exchanges complained to the Ministry of Finance that they were losing trade to non-compliant overseas crypto exchanges.
The Binance website and mobile app are now operational again in India. Binance said in a statement that compliance with Indian authorities marks the company's 19th regulatory milestone.
“Registering with FIU-IND marks an important milestone in Binance's journey,” Binance CEO Richard Teng said in a statement.
“Recognizing the vitality and potential of the Indian VDA market and aligning with Indian regulations will enable us to tailor our offering to the needs of Indian users. We are honored to extend our cutting-edge platform to this vibrant market and support India's continued VDA evolution.”
More to come later.