India’s Financial Intelligence Unit (FIU) has received new petitions from four offshore cryptocurrency exchanges seeking to resume operations in India. This follows the recent approvals of Binance and KuCoin by the financial regulator.
Previously banned for non-compliance with anti-money laundering policies, KuCoin resolved issues with a $41,200 penalty, while Binance is settling a $2 million fine. The identities of the new applicants remain undisclosed.
Currently, India has 46 registered crypto companies, soon to be 48 with the approvals of KuCoin and Binance. Last year, bans on several exchanges, including Huobi and Kraken, negatively impacted the industry. Binance recently stopped cash payments for crypto transactions in India to comply with regulations.
India’s integration of the cryptocurrency sector into its banking system aims to establish a regulatory framework, mandating Know Your Customer (KYC) details and FIU registration. This strategic move is poised to enhance market stability and compliance.
