World's Largest Crypto Exchange Registers With FIU-IND Binance boasts a daily volume of USD 76 billion daily trading volume as of August 2022, and 90 million customers worldwide
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Continuing the alignment with regulatory standards globally, Binance, the world's largest cryptocurrency exchange by volume, announced it had registered with India's Financial Intelligence Unit (FIU).
"Our registration with the FIU-IND marks an important milestone in Binance's journey. Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India's continued VDA evolution," said Richard Teng, CEO, Binance.
The exchange boasts a daily volume of USD 76 billion daily trading volume as of August 2022, and 90 million customers worldwide.
To demonstrate its commitment to adhering to the laws and regulations, the exchange paid a fine of approximately USD 2.25 million to the FIU for violating the country's Anti-Money Laundering (AML) regulations.
Recently, Binance notified that it had recovered stolen or misplaced assets worth over USD 73 million from external parties as of July 31 this year. Additionally, it has prevented losses of over USD 2.4 billion from potential scams and fraudulent activities that could have impacted more than 1.2 million users.
