KuCoin and Binance, two major cryptocurrency exchanges, have been registered with India’s Financial Intelligence Unit (FIU-IND) despite previous bans. This registration is crucial, as they are the first offshore crypto-related entities to be recognized by India’s anti-money laundering unit.
KuCoin has recommenced operations after settling a $41,000 fine. On the other hand, Binance awaits the finalization of its penalty after paying a $2 million fine pending a decision from FIU-IND’s hearing.
Last December, these platforms were among nine financial entities prohibited from operating in the country after FIU’s notice, including Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Vivek Aggarwal, head of FIU-IND, indicated that Binance’s compliance process still needs to be completed as the hearing to determine its fine is ongoing. However, the approval marks a significant shift for crypto in the nation.
Other prohibited platforms have already started negotiating with regulators, while OKX and Bitstamp have submitted their plans to exit the country.
OKX has presented plans to withdraw from the Indian market. Any offshore entity that still needs to secure registration with FIU-IND continues to face operational restrictions in India, even if it has engaged in discussions with the regulatory body.