India’s Anti-Money Laundering Unit Approves Binance and KuCoin

Financial Intelligence Unit of India Announcement

The Financial Intelligence Unit of India (FIU-IND) disclosed that Binance and KuCoin have successfully registered with the regulatory body. This marks a significant development in the cryptocurrency industry within the country.

Crypto Exchanges Registration

• Binance and KuCoin were among offshore entities banned last year.
• Other banned entities included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

Credibility Boost

Vivek Aggarwal, head of FIU-IND, emphasized that the approval of Binance and KuCoin signifies a credibility shift for the industry. The unit plans to collaborate with the industry to review compliance guidelines related to anti-money laundering laws for virtual digital asset service providers.

Operational Status

KuCoin has resumed operations after paying a penalty of $41,000, while Binance is expected to settle its penalty after a hearing with the FIU. Sources suggest that Binance may face a $2 million fine.

Registered Crypto Entities

A total of 48 crypto entities are now registered as reporting entities under India’s Prevention of Money Laundering Act. Negotiations are ongoing with other sanctioned platforms like Kraken, Gemini, and Gate.io. OKX and Bitstamp have submitted plans to exit the Indian market.

India’s Crypto Policy

India aims to achieve global consensus on crypto policies as part of its G20 presidency. The country has faced criticism for pushing for global guidelines without having its own legislation in place. The crypto bill, on hold since 2021, is expected to be decided upon in the coming months.