CDS Crypto News Crypto News Today- Binance KuCoin Granted Registration by Indian AML Regulator
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Crypto News Today- Binance KuCoin Granted Registration by Indian AML Regulator

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Crypto News Today- Binance KuCoin Granted Registration by Indian AML Regulator

India’s AML Regulator Approves Binance KuCoin

Crypto News– Binance and KuCoin, leading cryptocurrency exchanges, have secured approval from India’s anti-money laundering unit, FIU-IND, marking a significant step in their regulatory journey. Despite previous bans, both have navigated legal challenges, with KuCoin paying a $41,000 penalty and resuming operations, while Binance awaits a hearing and potential $2 million fine settlement.

Uncertain Landscape for the Crypto Industry

In 2022, heavy crypto taxes and a market downturn prompted Indian traders to move to international exchanges, impacting the local crypto industry. Following the ban on offshore entities, trading volumes returned to Indian exchanges. India prioritized crypto policy at the G20 in 2023, aiming for global consensus, but faced criticism for lacking domestic legislation.

Building blocks

During the event, the Bharat Web3 Association unveiled a report titled Virtual Digital Asset Service Providers: Road to Effective Compliance under PMLA. The report’s forward, authored by Aggarwal, emphasizes the commitment to fostering a regulatory environment that aligns with innovation while mitigating money laundering risks. Aggarwal noted that offshore entities seeking registration with the FIU don’t need a physical office in India but must register a principal compliance officer along with their details. Entities that haven’t secured registration and received a show cause notice in December remain blocked, even if discussions have begun.

FAQs

Which regulatory body in India granted registration to Binance and KuCoin?

The registration was granted by India’s Financial Intelligence Unit (FIU-IND), which operates under the nation’s Finance Ministry.

How significant is this registration for Binance and KuCoin?

This registration marks a significant step for Binance and KuCoin in their regulatory compliance efforts and operations within India.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Crypto News Today- Binance KuCoin Granted Registration by Indian AML Regulator

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