As an analyst with a background in financial regulation and cryptocurrency markets, I view this development as a significant step towards bringing more clarity and transparency to the Indian cryptocurrency ecosystem. The registration of KuCoin and Binance with FIU-IND is a positive sign that the Indian authorities are taking a proactive approach towards engaging with offshore crypto exchanges in a constructive manner.
Two notable cryptocurrency exchanges, KuCoin and Binance, have registered with India’s Financial Intelligence Unit (FIU-IND), defying earlier bans. Last December, these platforms were among nine financial entities barred from conducting business in the country. This registration marks a significant milestone as they become the first offshore crypto-related entities acknowledged by the Indian Finance Ministry.
KuCoin has resumed business following the payment of a $41,000 penalty. In contrast, Binance is still waiting for the finalization of its fine, which amounts to $2M, before the Financial Intelligence Unit-India’s hearing reaches a conclusion.
If you’re referring to OKX, they have announced their intentions to exit the Indian market. Any overseas entity aiming for registration with FIU-IND is currently subjected to operational limitations within India, regardless of ongoing dialogue with the regulatory authority.
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2024-05-10 15:32