Crypto exchange Binance has registered with India’s Financial Intelligence Unit to comply with anti-money laundering (AML) standards in the country. Binance completed its registration with India’s intelligence as a reporting entity, marking its 19th regulatory milestone globally, the exchange announced on Thursday, Aug. 15.

This registration underscores Binance’s commitment to adhering to AML standards and fostering a transparent and efficient ecosystem. With this latest development, Binance is nearing its 20th registration worldwide. Richard Teng, Binance’s chief executive, described it as an important milestone in the exchange’s journey.

“Recognizing the vitality and potential of the Indian virtual digital asset (VDA) market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users.” – Richard Teng

Following the registration, Binance has resumed operations in India after a seven-month ban by local authorities for operating without proper registration. The ban also affected other crypto exchanges like KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, and MEXC, which were similarly required to register locally to comply with India’s AML and counter-terrorism financing regulations.

In early August, Binance received a show-cause letter from India’s tax enforcement agency to pay around $86 million as goods and services tax (GST). The Directorate General of GST Intelligence (DGGI), operating under India’s Ministry of Finance, alleges that Binance is liable to pay GST as it had collected fees from Indian nationals using its platform. The crypto exchange reportedly failed to register under the GST framework.

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