Binance and KuCoin, two of the largest cryptocurrency exchanges, are celebrating the successful completion of their registration processes with India's Financial Intelligence Unit (FIU). This important step is a significant step towards regulatory compliance and recognition of legitimacy in the Indian market.
It is worth noting that KuCoin, in an effort to comply with regulatory protocols, immediately settled its liabilities by paying a $41,000 fine. This move allowed the exchange to quickly resume operations in the country. However, while Binance's registration process encountered some difficulties, the exchange continued to cooperate with the Financial Intelligence Unit, CoinGape reported.
"Binance is registered, but the compliance process is not complete as the amount of penalty is to be determined by me and the hearing is still ongoing," emphasized Vivek Agarwal, director of the FIU.
This approval from FIU India is a milestone moment for both exchanges, especially against the backdrop of regulatory uncertainty and previous bans imposed on offshore cryptocurrency organizations. As offshore entities, they have historically come under close scrutiny and have been banned for alleged illegal transactions. However, they have now become the first offshore cryptocurrency exchange to be approved by India's Financial Intelligence Unit.
This important step underscores Binance and KuCoin's commitment to compliance and willingness to cooperate with regulators. It also paves the way for a new era of legitimacy and recognition in the Indian crypto landscape.
India's evolving regulatory framework is driving active collaboration and strategic maneuvering by cryptocurrency platforms seeking compliance and market access. This collaboration, as well as integration with payment solution providers, is increasing market accessibility for Indian users and opening up new prospects for the crypto economy in India.
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