India’s Financial Regulator Approves Binance and Kucoin for Business Operations
The financial regulator in India has made a surprising move by approving crypto exchange platforms Binance and Kucoin for business within the nation, after banning them just last December. This decision comes after the anti-money laundering regulator in India stated that the registration of these exchanges will add “a little more credibility to the system.”
Binance, known as the world’s largest crypto exchange by volume, and Kucoin will be the first two offshore digital asset exchanges to be approved by the regulator since the ban on nine exchanges last year. Other exchanges banned at the time included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Vivek Aggarwal, head of India’s Financial Intelligence Unit (FIU-IND), emphasized the importance of these registrations in safeguarding the Indian economy, stating that businesses ring-fenced from financial crime automatically gain more credibility in the system.
While Kucoin is currently operating in India, Binance is facing a hurdle as it has yet to pay a penalty of $41,000. Aggarwal mentioned that the compliance proceedings for Binance are ongoing, and the penalty amount is yet to be decided.
Negotiations have also begun with other banned crypto exchanges like Kraken, Gemini, and Gate.io, while exchanges like OKX and Bitstamp have submitted plans to exit the country.
This development marks a significant shift in the regulatory landscape for crypto exchanges in India, with the approval of Binance and Kucoin signaling a potential opening up of the market. Stay tuned for more updates on this evolving story.
