As a seasoned financial analyst with extensive experience navigating the complexities of global regulatory landscapes, I find Binance’s latest move to register with India’s Financial Intelligence Unit as a commendable step towards fostering transparency and adherence to AML standards. Given my background in understanding the intricacies of digital asset markets, it’s evident that Binance is not only recognizing the potential of emerging markets but also strategically positioning itself to serve those markets effectively.
The cryptocurrency platform Binance has chosen to register with India’s Financial Intelligence Unit, demonstrating their commitment to upholding Anti-Money Laundering (AML) regulations within the nation.
Binance, in a blog post on August 15, announced that it has successfully registered with India’s intelligence agency as a reporting entity, which represents their 19th regulatory achievement worldwide.
The trading platform emphasized that registering adheres to their dedication to uphold anti-money laundering principles and cultivate a “clear and streamlined environment.” With recent advancements, Binance is nearly at its 20th registration worldwide, a significant step in Binance’s progression as described by CEO Richard Teng.
“Understanding the dynamism and possibilities within the Indian Virtual Digital Asset (VDA) sector, complying with Indian regulations enables us to customize our offerings to suit the requirements of Indian customers.”
Richard Teng
After a seven-month halt due to lack of proper registration, Binance has restarted its services in India, as local authorities have allowed it to operate again. Other crypto exchanges such as KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC, and others were also affected by the ban because they too needed to register locally in order to comply with India’s Anti-Money Laundering (AML) and counter-terrorism financing regulations.
At the start of August, Binance was given a notice by India’s tax authorities asking for approximately $86 million in goods and services tax. According to sources, the Directorate General of GST Intelligence (DGGI), an agency within India’s Ministry of Finance that targets tax evasion, claims that Binance owes this amount because it collected fees from users in India without registering under the GST system.
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2024-08-15 11:02