- This is a major milestone on the road to legalization and compliance with Indian regulations.
- Binance and KuCoin are the first offshore crypto-related firms to get authorization.
Binance and KuCoin recently completed registering with India’s Financial Intelligence Unit (FIU), which is a major step forward for the country’s cryptocurrency sector. This is a major milestone on the road to legalization and compliance with Indian regulations.
Importantly, KuCoin has quickly paid a substantial fine of $41,000, allowing it to resume operations inside the nation, as part of its sincere attempt to comply with regulatory regulations. Nevertheless, Binance has run across a little snag in the process.
Changing Landscape
Moreover, Binance and KuCoin’s acceptance by India’s FIU is a watershed event in the context of regulatory uncertainty and past prohibitions on offshore cryptocurrency firms.
Binance and KuCoin are the first offshore crypto-related firms to get authorization from India’s anti-money laundering section. Despite undergoing strict regulatory scrutiny and being included in the offshore organizations prohibited for suspected illicit activity.
A new age of legitimacy and acceptability in the Indian crypto environment is about to dawn. Thanks to this development, which reflects their dedication to regulatory alignment and compliance.
Several other well-known exchanges were also included in the ban that was imposed at the end of last year. These exchanges included Bitfinex, Kraken, and Huobi. Also, after paying the fine and promptly resolving its regulatory requirements, KuCoin was allowed to quickly begin operations.
In the meantime, while it adapts to the changing regulatory environment in India, Binance has shown its commitment to regulatory openness and collaboration by its continuous interaction with the FIU, which included resolving the penalty amount post-hearing.
Furthermore, Kraken, Gemini, and Gate.io are among the other platforms that have begun talks with Indian authorities. Thus, showing a coordinated effort to enter the Indian market and comply with regulations.
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