HomeBinanceBinance and Kucoin poised to make a comeback in India

Binance and Kucoin poised to make a comeback in India

-


Latest Updates on Binance and Kucoin’s Return to India

Crypto giants Binance and Kucoin are making a comeback in India after facing regulatory challenges. The Financial Intelligence Unit (FIU) had previously called for blocking web addresses of global crypto firms that were not registered in the country due to concerns about money laundering. However, both Binance and Kucoin have now applied for registration and compliance in India.

FIU recently announced that Kucoin’s suspension has been lifted after the exchange paid a fine of around $42,000. Binance’s application is currently being processed, with the FIU director, Vivek Aggarwal, stating that the decision on the fine amount for Binance is pending. The exchanges are required to comply with the Prevention of Money Laundering Act (PMLA) and FIU directives to operate in India.

While the return of Binance and Kucoin may impact local exchanges in India, industry experts believe that the process of normalization will take time. Indian crypto exchanges are focusing on tax compliance and operational adjustments to adapt to the changing landscape. Despite the ban on Binance earlier, local exchanges saw limited impact on their trading volumes.

The debate on the legitimacy of crypto businesses in India continues, with FIU emphasizing that registration does not imply legitimacy. The government is expected to introduce crypto regulations to provide clarity on the industry’s status. Overall, the comeback of Binance and Kucoin signals a shift in the crypto landscape in India, with both global and local exchanges preparing for a new era of compliance and competition.

LATEST POSTS

Binance Receives 12.66 Million WIF from Whale Transactions as Dogwifhat Experiences 30% Decrease

Whale Deposits 12.66 Million WIF on Binance Amid Market Volatility Whale Deposits $23.4 Million Worth of WIF into Binance Amid Market Downturn In a significant move,...

CryptoQuant Analytics Firm Indicates Ethereum On-Chain Metric Could Lead to Altcoin Market Surges

Ethereum On-Chain Metric Suggests Altcoin Market Could Surge The altcoin market could be gearing up for a major price surge, as indicated by an on-chain...

Leak suggests crypto market anticipates major shift towards Biden before Trump debate, potentially causing significant price fluctuations for Bitcoin, Ethereum, and XRP

Bitcoin Price Surge Continues as Trump Declares Himself the "Crypto President" Former president Donald Trump has sent shockwaves through the cryptocurrency world by declaring himself...

Speculations of a massive Bitcoin purchase sparked by Michael Dell’s post

Michael Dell Teases Possible Bitcoin Investment Amid Financial Success Michael Dell, the founder and CEO of Dell Technologies, has sparked speculation in the financial world...

Most Popular