Approval of Binance and Kucoin by Indian Financial Regulator Signals Crypto Exchange Comeback
The Indian financial regulator has made a surprising move by approving crypto exchange platforms Binance and Kucoin for business within the nation, despite 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 that were 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 from financial crimes. However, while Kucoin is currently operating in India, Binance is facing compliance proceedings due to a pending penalty of $41,000.
Negotiations have also begun with other banned exchanges like Kraken, Gemini, and Gate.io, while OKX and Bitstamp have submitted plans to exit the country. This development signals a potential shift in the regulatory landscape for crypto exchanges in India.
As the crypto industry continues to evolve, it will be interesting to see how these regulatory decisions impact the market and the future of digital asset exchanges in the country. Stay tuned for more updates on this developing story.