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.