Binance, the largest crypto exchange in the industry, announced a major achievement earlier today. According to its official blog, the exchange has successfully registered as a reporting entity in India. This makes it Binance’s 19th regulatory milestone around the globe.
Registration with India’s Financial Intelligence Unit (FIU-IND) is a further step in the trading platform’s adherence to anti-money laundering (AML) rules and standards. Moreover, it shows Binance’s commitment to boost a streamlined and secure ecosystem in the industry.
Boost to crypto adoption
This major development from Binance is poised to give a major boost to the adoption of the crypto and blockchain industries. India, according to Chainalysis’ 2023 Global Crypto Adoption Index, ranks first in the overall crypto adoption rankings. The country leads in transaction volumes, among both retail and institutional trading.
According to Statista, India has a massive number of crypto users, and this number is projected to grow to 107.30 million users by 2025. Furthermore, the Indian crypto market is estimated to go through major growth in terms of revenue. Statista projects it to reach a whopping amount of $6.6 billion by the end of 2024.
These figures show the booming crypto industry in the South Asian country, and it is expected to grow exponentially from this point in time. Consequently, India is a major market for Binance to capture, which has already dominated in other parts of the world. With its plethora of features and offerings, Binance is expected to dominate the Indian crypto landscape.
Previously, Binance was banned from India after it received a compliance show cause notice from the FIU IND. It was stated that the crypto exchange violated local money laundering laws. However, the exchange has since registered with the Indian regulatory authority by paying a $2 million fine. This marks the major comeback of the exchange in the country as it aims to dominate the market.
Tomiwabold Olajide
U.Today Editorial Team
Vladislav Sopov
Dan Burgin