According to reports, Binance, the biggest cryptocurrency exchange globally, has registered with India’s Financial Intelligence Unit (FIU) following its suspension in India last year due to non-compliance with local norms. In December, the financial watchdog implemented a ban against offshore crypto exchanges that lacked registration in the country. Offshore cryptocurrency exchanges including Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex were also prohibited at that time. As per Vivek Aggarwal, director of the FIU, Binance must pay a penalty for past infractions before it can renew operations. Meanwhile, KuCoin, another offshore cryptocurrency exchange, was one of the first to register with the FIU and has already resumed operations after paying a penalty of $41,313. Neither Binance nor KuCoin has responded to requests for comment regarding this issue. This development follows the FIU’s decision to grant approval to both Binance and KuCoin, making them the first offshore crypto-related entities to gain such authorization from India’s anti-money laundering agency. It should be noted that India currently has 48 cryptocurrency entities registered as reporting entities under the country’s Prevention of Money Laundering Act, according to Aggarwal’s statement. This is the first time the FIU has publicly discussed cryptocurrencies since these regulatory actions took place. While India’s stance regarding cryptocurrencies remains somewhat uncertain, the nation now has a total of 48 registered crypto entities. This news comes after the FIU held meetings with representatives from all 48 entities, marking the first occasion when it has done so. (Editing by Mrigank Dhaniwala)
In summary, Binance, the largest cryptocurrency exchange worldwide, has registered with India’s Financial Intelligence Unit (FIU) after being suspended last year for failing to adhere to local rules. Binance will need to pay a penalty for prior violations before it can resume business operations. Offshore crypto exchange KuCoin, which previously received authorization from the FIU, has already settled its penalty and reopened. These developments follow the FIU’s decision to approve both Binance and KuCoin, making them the first offshore crypto-related entities to receive such approval from India’s anti-money laundering agency. The FIU’s director, Vivek Aggarwal, indicated that India currently has a total of 48 registered crypto entities under the country’s Prevention of Money Laundering Act. This is the first time the FIU has publicly discussed cryptocurrencies after several regulatory measures were put into effect. Aggarwal’s statement also revealed that the FIU held meetings with representatives from all 48 entities, representing the first time it has done so.
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