Crypto giants Binance and KuCoin approved for registration with India’s FIU

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13th May 2024 – (Mumbai) The disparity between registered cryptocurrency firms under India’s Financial Intelligence Unit-India (FIU-India) and unregistered offshore entities is anticipated to diminish as global crypto players Binance and KuCoin secured approvals for registration with India’s anti-money laundering unit. A senior government official stated that FIU-India is poised to lift the ban on Binance, the world’s largest cryptocurrency exchange, following a thorough due diligence process. In a similar vein, the ban on offshore exchange KuCoin was lifted in March, albeit with a penalty of Rs 34.5 lakh. Industry insiders have lauded the regulator’s decision, as it bolsters credibility within the crypto sector and fosters a more robust regulatory framework.