KuCoin and Binance, two major cryptocurrency exchanges, have been registered with India’s Financial Intelligence Unit (FIU-IND) despite previous bans. Last December, these platforms were among nine financial entities prohibited from operating in the country.
This registration is crucial as they are the first offshore crypto-related entities to be recognized by the Finance Ministry.
KuCoin has recommenced operations after settling a $41,000 fine. On the other hand, Binance awaits the finalization of its penalty after paying a $2M fine pending a decision from FIU-IND’s hearing.
Vivek Aggarwal, head of FIU-IND, indicated that Binance’s compliance process still needs to be completed as the hearing to determine its fine is ongoing.
The crackdown last year also affected other platforms, including Huobi, Kraken, and Bitfinex. While Kraken, Gemini, and Gate.io have initiated negotiations with the regulator,
OKX has presented plans to withdraw from the Indian market. Any offshore entity that still needs to secure registration with FIU-IND continues to face operational restrictions in India, even if it has engaged in discussions with the regulatory body.