The world’s largest cryptocurrency exchange, Binance, has confirmed it has re-entered the Indian market after registering with the country’s Financial Intelligence Unit (FIU).
Binance is now back available on the Apple App Store and Google Play Store in India enabling crypto users to access the Binance App to sell, trade and exchange their preferred cryptocurrencies.
The app was removed from these app stores after Binance was found to have broken Indian anti-money laundering regulations. Indian guidelines state that digital asset providers such as Binance must register with the FIU in order to facilitate its services.
Binance registered with the FIU in May after becoming one of many digital asset providers charged with similar violations – including KuCoin.
Now following a $2.25m settlement with the Indian financial authority, Binance can resume its operations in one of the largest crypto markets in the world.
According to Statista, India’s crypto market is projected to reach up to $6.6bn in revenue by the end of the year. Moreover, this growth is expected to continue, with the market projected to reach an annual growth rate of 2.4% next year.
Its findings also revealed that the number of crypto users in India is expected to rise to 107.3 million by the end of 2025, with those actively using crypto projected to grow by 7.35%, driven by a desire of user’s to adopt new financial inclusion opportunities.
2024 appears to be a year of finding regulatory approval and achieving maximum compliance in a myriad of countries for Binance.
The previous year was one of the company’s toughest to say the least. Binance settled a record $4.3bn fee with the US Department of Justice over anti-money laundering and other financial violations.
This also saw the exit of former CEO Changpeng Zhao who stepped down from his position. Zhao, who is currently serving a four month prison sentence due to the US financial violations, was replaced by Richard Teng as the company’s new CEO.
Under Teng’s short tenureship, it appears he has heightened the company’s focus on regulatory acceptance and compliance.
Whilst Binance have hit roadblocks on re-entering markets such as the UK, the India relaunch represents the crypto exchange’s commitment to working with regulators in order to achieve its goals whilst being compliant.