Crypto:
30251
Bitcoin:
$66.134
% 1.23
BTC Dominance:
%54.5
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
Bitcoin:
$ 66.134
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Cryptocurrency Exchanges Gain Foothold in India

Okx

The world’s largest cryptocurrency exchange, Binance, and its rival KuCoin, have been registered with India’s Financial Intelligence Unit (FIU), according to a CoinDesk report. This marks a significant development for the Indian crypto market, as it’s the first time offshore crypto-related entities have received approval from the country’s anti-money laundering unit.

KuCoin Settles Penalty, Resumes Operations

KuCoin has already settled its compliance proceedings with the FIU by paying a $41,000 penalty. This has allowed them to resume operations in India.

Binance, on the other hand, has yet to resume operations. The exchange is currently undergoing a hearing with the FIU to determine its financial penalty. Once the penalty amount is finalized, Binance will be able to complete its compliance process and re-enter the Indian market.

Previous Ban Lifted

This news comes after Binance and KuCoin were among several offshore cryptocurrency exchanges banned by India in December 2023. Other banned entities included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

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