Finally, Binance exchange is accessible for Indian customers within the Indian jurisdiction, demonstrating that the Binance team has overcome all hurdles imposed by Indian enforcement agencies.
Binance is a top-ranked crypto exchange, but earlier this year, it, along with a dozen other crypto exchanges, was restricted from providing services to Indian users. The official website was not accessible due to Indian government restrictions, which blocked Binance’s URL via the internet firewall, and the Binance app was removed from both the Apple App Store and Google Play Store in India.
On 15 Aug 2024, Binance announced that it had achieved a significant regulatory milestone by registering with India’s Financial Intelligence Unit (FIU). This marks Binance’s 19th global regulatory approval. The registration allows Binance to operate legally in India, adhering to local regulations and contributing to the country’s financial compliance efforts. This move strengthens Binance’s presence in India and aligns with its commitment to regulatory compliance globally.
Now, the Binance app and Binance URL are fully accessible within Indian jurisdiction for Indian users, meaning Indian crypto traders no longer need to worry about their funds on Binance platform.
Binance vs WazirX
Just a few weeks ago, the popular Indian crypto exchange WazirX was hacked, and the exchange subsequently blocked all types of fund withdrawal services. Currently, Indian crypto traders are seeking a more reliable crypto trading platform where they can ensure safety of their funds against theft issues.
The whole crypto community is well aware of the conflict between Binance and WazirX over the actual control of the WazirX exchange. However, this situation will likely push the remaining WazirX users to the Binance platform.
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