REGISTRATION OF BINANCE AND KUCOIN CONFIRMED IN INDIA

The Financial Intelligence Unit (FIU-IND), a unit reporting to India's Finance Ministry, has confirmed Binance and KuCoin's registration. Months after being banned from “operating illegally” in the country. After receiving approval from Indias anti-money laundering unit Binance and KuCoin have become the first offshore crypto entities.

Vivek Aggarwal, head of India's Financial Intelligence Unit (FIU-IND), said that both exchanges have registered with the agency, signaling a shift in credibility for the crypto industry in India. Aggarwal also revealed that the FIU-IND will be forming a working group with the industry to review compliance guidelines regarding money laundering laws for virtual digital asset service providers.

KuCoin has paid a $41,000 fine and restarted business in India, while Binance will need to settle a penalty after a hearing with the FIU-IND before restarting operations.

Binance will settle with a $2 million penalty, according to sources familiar with it. According to Aggarwal, India now has 48 cryptocurrency firms registered as reporting entities under the Prevention of Money Laundering Act.

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