Binance Expands Reach to 1.4 Billion Users with Approval in India

Binance cryptocurrency exchange has secured compliance approval in India after registering as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), in a country with a population of 1.4 billion.

This move signals significant adoption for Binance, given the high number of crypto adopters in India. Statistics show that India’s cryptocurrency market is expected to witness substantial growth in 2024, reaching a high of $6.6 billion. It is also projected that the number of cryptocurrency users in India will increase to 107.3 million by 2025.

The approval is a positive development for both India and Binance, marking Binance’s 19th global regulatory milestone. This follows recent global backlash against Binance, with accusations of non-compliance with anti-money laundering regulations. As a result, Binance has focused more on seeking global approvals.

In the U.S., Binance faced accusations of not complying with regulatory policies, leading to the resignation of Binance’s owner, Changpeng Zhao, who pleaded guilty to violating U.S. anti-money laundering policies and other serious financial crimes. Binance was required to pay over $4.3 billion in settlements, the largest penalty ever levied by the Treasury Department.

Additionally, Nigeria has accused Binance of contributing to its economic woes and alleged involvement in terrorism financing. Nigeria has also sought court injunctions to freeze the hot wallets of KuCoin and MEXC Global. Today’s Gazette reported yesterday that this action reflects the country’s hostility toward cryptocurrency after blaming Binance for its fluctuating currency.

Despite these challenges, the approval in India demonstrates Binance’s commitment to complying with anti-money laundering (AML) regulations in India and globally.