Binance, KuCoin Cleared by India's Anti-Money Laundering Regulator
The Financial Intelligence Unit (FIU) of India has granted Binance and KuCoin registration, months after both cryptocurrency exchanges were banned for operating illegally, Coindesk reported. While KuCoin has paid a penalty of $41,000 and resumed its operations, Binance is awaiting a penalty decision following a hearing with the FIU. Credibility BoostVivek Aggarwal, the Head of FIU-IND, emphasized the significance of these registrations, stating that they add credibility to the system. The move underscores India's efforts to regulate the crypto market while safeguarding its economy against financial crimes. This approval followed a period of regulatory scrutiny, during which both exchanges were banned in the region.The exact amount of penalty Binance will pay has yet to be determined, with reports suggesting it could amount to $2 million. Aggarwal clarified that although Binance is registered, compliance proceedings are ongoing until the penalty is finalized.Other sanctioned platforms like Kraken, Gemini, and Gate.io have reportedly initiated negotiations with the regulator, aiming to comply with India's regulations. Meanwhile, OKX and Bitstamp have submitted proposals to exit the country. Aggarwal reiterated the importance of anti-money laundering and counter-terrorism financing policies, emphasizing the need for full visibility of transactions and reports of suspicious activities to be in place.Negotiations and ComplianceIndia's stance on crypto is uncertain, with the imposition of stiff taxes in 2022 and subsequent market fluctuations leading to uncertainty among traders. Despite making crypto a priority during its G20 presidency in 2023, India faces criticism for pushing global consensus without having its own legislation in place. The country has kept a crypto bill on hold since 2021, indicating that a decision on its position is unlikely before mid-2025.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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The Financial Intelligence Unit (FIU) of India has granted Binance and KuCoin registration, months after both cryptocurrency exchanges were banned for operating illegally, Coindesk reported. While KuCoin has paid a penalty of $41,000 and resumed its operations, Binance is awaiting a penalty decision following a hearing with the FIU.
Credibility Boost
Vivek Aggarwal, the Head of FIU-IND, emphasized the significance of these registrations, stating that they add credibility to the system. The move underscores India's efforts to regulate the crypto market while safeguarding its economy against financial crimes. This approval followed a period of regulatory scrutiny, during which both exchanges were banned in the region.
The exact amount of penalty Binance will pay has yet to be determined, with reports suggesting it could amount to $2 million. Aggarwal clarified that although Binance is registered, compliance proceedings are ongoing until the penalty is finalized.
Other sanctioned platforms like Kraken, Gemini, and Gate.io have reportedly initiated negotiations with the regulator, aiming to comply with India's regulations. Meanwhile, OKX and Bitstamp have submitted proposals to exit the country. Aggarwal reiterated the importance of anti-money laundering and counter-terrorism financing policies, emphasizing the need for full visibility of transactions and reports of suspicious activities to be in place.
Negotiations and Compliance
India's stance on crypto is uncertain, with the imposition of stiff taxes in 2022 and subsequent market fluctuations leading to uncertainty among traders. Despite making crypto a priority during its G20 presidency in 2023, India faces criticism for pushing global consensus without having its own legislation in place. The country has kept a crypto bill on hold since 2021, indicating that a decision on its position is unlikely before mid-2025.
Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
