Binance And Kucoin Secure Registration: India's Crypto Milestone

According to a Coindesk news report, after settling a $41,000 fine, KuCoin awaits the outcome of Binance’s pending financial penalty, pending a hearing with the FIU.

Among the nine exchanges banned in December, Binance and KuCoin have emerged as the inaugural offshore crypto entities to secure registration.

KuCoin has swiftly resumed operations following its fine payment, whereas Binance awaits further clarity on its impending penalty.

Binance, the biggest cryptocurrency exchange in the world, and KuCoin, its rival, have reached a major milestone by becoming the first crypto-related businesses outside of India to get approval from the country’s anti-money laundering unit.

This comes after being banned for months for “illegal operations.” The head of India’s Financial Intelligence Unit (FIU-IND), which is part of the Finance Ministry, told CoinDesk that they were registered.

Along with Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, these sites were among the nine offshore companies that were shut down at the end of 2018.

KuCoin quickly got back to work after paying a $41,000 fine, but Binance hasn’t started up again yet because it expects to be fined after a FIU meeting.

“Vivek Aggarwal, head of FIU-IND, disclosed, ‘While Binance is registered, the compliance process is pending as the determination of the penalty amount is underway, subject to the ongoing hearing.’

Regarding other sanctioned platforms, negotiations have commenced between Kraken, Gemini, and Gate.io with the regulatory authorities. Meanwhile, OKX and Bitstamp have devised exit strategies from the Indian market.

For any offshore entity that hasn’t secured registration with FIU and received a show-cause notice in December, their services remain suspended, regardless of ongoing discussions with FIU.”

To spread this post, hit the share button!