{"id":19626,"date":"2024-08-21T07:55:51","date_gmt":"2024-08-21T07:55:51","guid":{"rendered":"https:\/\/techandbiz.com.ng\/tab-backup\/?p=19626"},"modified":"2024-08-21T07:59:05","modified_gmt":"2024-08-21T07:59:05","slug":"binance-achieves-its-19th-global-regulatory-milestone-with-registration-in-india","status":"publish","type":"post","link":"https:\/\/techandbiz.com.ng\/tab-backup\/2024\/08\/21\/binance-achieves-its-19th-global-regulatory-milestone-with-registration-in-india\/","title":{"rendered":"Binance Achieves its 19th Global Regulatory Milestone with Registration in India"},"content":{"rendered":"

As part of our ongoing efforts to uphold the highest regulatory standards, we recently announced that Binance (www.Binance.com<\/a>) has successfully registered as a reporting entity with India\u2019s Financial Intelligence Unit (FIU). This achievement marks Binance\u2019s 19th global regulatory milestone.<\/p>\n

 <\/p>\n

The registration with the FIU underscores Binance\u2019s commitment to compliance with anti-money laundering (AML) standards in India as well as any other jurisdiction it operates in. This step is a testament to Binance\u2019s dedication to fostering a secure, transparent, and efficient ecosystem, aligning with the company\u2019s global standards.<\/p>\n

Richard Teng, CEO of Binance, remarked on this development, saying, \u201cOur registration with the FIU-IND marks an important milestone in Binance\u2019s 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\u2019s continued VDA evolution.\u201d<\/p>\n

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It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India\u2019s continued VDA evolution<\/p><\/blockquote>\n<\/div>\n

Vast Opportunities for All<\/strong><\/p>\n

India leads the world in grassroots crypto adoption, according to Chainalysis\u2019 2023 Global Crypto Adoption Index. The country ranked in the top five by estimated transaction volume across centralized and decentralized exchanges, lending protocols, and token smart contracts. This highlights the vibrancy and massive potential of the Indian market.<\/p>\n

As Binance navigates this exciting market, it is not just aligning itself with local registration requirements but also bringing its world-class compliance program, which encompasses robust anti-money laundering (AML) policies and controls and a comprehensive framework for combating the financing of terrorism (CFT). Binance hopes that implementing these industry-leading frameworks in the Indian market can meaningfully contribute to the local ecosystem and elevate market standards. Not only is this beneficial for the Indian VDA industry, but, most importantly, it ensures stronger protections for users.<\/p>\n

Compliance Excellence<\/strong><\/p>\n

Alongside rigorous AML and CFT controls, key components of Binance’s compliance program include robust identity verification (know your customer, or KYC) processes and an industry-leading Financial Crimes Compliance (FCC) unit designed to assist law enforcement in investigating crypto-related crimes and capacity-building, thereby fortifying the collaborative security of the ecosystem. Richard Teng added, \u201cOur commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.”<\/p>\n

As we expand into the burgeoning Indian market, Binance aims to operate based on these principles of compliance, user security, and responsible growth while fostering the global evolution of digital assets.<\/p>\n","protected":false},"excerpt":{"rendered":"

As part of our ongoing efforts to uphold the highest regulatory standards, we recently announced that Binance (www.Binance.com) has successfully registered as a reporting entity with India\u2019s Financial Intelligence Unit (FIU). This achievement marks Binance\u2019s 19th global regulatory milestone.   The registration with the FIU underscores Binance\u2019s commitment to compliance with anti-money laundering (AML) standards […]<\/p>\n","protected":false},"author":1,"featured_media":19633,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[366,317,444,66],"tags":[],"class_list":["post-19626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-finance","category-fintech","category-gadgets"],"_links":{"self":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/19626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/comments?post=19626"}],"version-history":[{"count":0,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/19626\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media\/19633"}],"wp:attachment":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media?parent=19626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/categories?post=19626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/tags?post=19626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}