Binance Returns to India’s Market

Binance has successfully reentered the Indian market after its apps were removed from the Google Play Store and Apple App Store on January 14, 2024.

As of August 15, 2024, the apps are once again available for download. This follows Binance’s website URL being unblocked on August 13, 2024.

The return of Binance to India comes after the company reached a settlement with Indian authorities and paid a $2.25 million penalty for violating anti-money laundering regulations.

By addressing these compliance issues and registering with the Financial Intelligence Unit (FIU), Binance has been able to regain access to the Indian market, one of the largest crypto markets in the world.

This re-entry into the Indian market is significant for Binance as it demonstrates the company’s commitment to complying with local laws and regulations, a crucial factor in India’s tightly regulated crypto environment.

Previously, Binance, along with other exchanges such as OKX and KuCoin, had been blocked by the Indian government for non-compliance with anti-money laundering rules.