India’s FIU to Approve Two More Crypto Exchanges by 2025

As a seasoned crypto investor with roots deeply entrenched in the dynamic world of digital assets, I find myself both intrigued and cautious regarding the recent developments in India’s cryptosphere. Having navigated through numerous regulatory changes and market fluctuations over the years, I can confidently say that the Indian government’s strict enforcement of Anti-Money Laundering (AML) compliance is a welcome step towards fostering a secure and reliable crypto ecosystem.


As a crypto investor, I’m excited to hear that two more offshore cryptocurrency exchanges might be given the green light to resume operations in India by March 2025, following approval from the Financial Intelligence Unit (FIU-India). This decision comes after Binance and KuCoin were previously banned due to non-compliance with anti-money laundering (AML) regulations within the country. This development could potentially expand my investment opportunities in the crypto market

) It is necessary to clarify the penalties that could also apply: In the case of Binance and Kucoin, penalties might also be imposed, similar to the cases in Binance and Kucoin

In December 2023, FIU-India served notices to nine offshore cryptocurrency platforms such as Binance, KuCoin, Huobi, Kraken, and Bitfinex, citing illegal activities. As a result, the Financial Intelligence Unit of India petitioned the Ministry of Electronics and Information Technology (MeitY) to restrict access to these platforms within India by blocking their website addresses

For the convenience of Binance exchange, the entity has been reported or in the past actions taken action (s) with regards to be:

Currently, there are 48 officially recognized cryptocurrency companies operating within India. The government is planning to publish a discussion paper around either prohibiting or approving the use of digital assets by September or October this year. This move comes after the release of recommendations for crypto regulation from the IMF-Financial Stability Board in September 2023, which addressed issues such as investor protection and anti-money laundering measures

Translatecoin or coin: The phrase should be referencing can be more succinctlying the phrase the following:

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2024-09-05 14:44