Binance and KuCoin, two offshore cryptocurrency entities, have received approval from India’s anti-money laundering unit after being banned for operating illegally.
The Financial Intelligence Unit (FIU-IND), under the nation’s Finance Ministry, has registered both exchanges. Previously, over nine offshore entities, including Huobi, Kraken, Gate.io, and others, were banned at the end of last year.
KuCoin has resumed operations after paying a $41,000 penalty, while Binance is still undergoing compliance proceedings and is expected to pay a penalty following a hearing with the FIU.
Vivek Aggarwal, head of FIU-IND, mentioned that compliance proceedings for Binance are ongoing, and the penalty amount is yet to be decided. Negotiations have begun with the regulator for platforms like Kraken, Gemini, and Gate.io, while OKX and Bitstamp have submitted plans to exit the country.
Any offshore entity that hasn’t registered with FIU and received a show cause notice in December remains blocked, despite initiating talks with the regulator.
May 2024, Cryptoniteuae
