Binance to resume India operations following registration

  • Invezz
  • Stock Market News
Binance to resume India operations following registration
Credit: © Reuters.

Binance is set to resume its cryptocurrency operations in India, according to the latest regulatory news around the world’s largest crypto exchange by trade volume.

On Friday, an official of the Financial Intelligence Unit (FIU) said that the anti-money laundering watchdog had approved both Binance and KuCoin to offer services in the country.

The two exchanges are the first offshore digital assets platforms to receive a regulatory nod from FIU, CoinDesk reported citing the AML agency’s head Vivek Aggarwal.

KuCoin pays $41,000 fine, Binance awaits penalty confirmation

According to the report, KuCoin has also paid a $41,000 fine after winning the registration approval. With this, the exchange has the greenlight to resume its services in one of the world’s largest crypto destinations.

However, Binance is yet to pay any fine as that remains undecided, Aggarwal noted. Notably, this is the only step remaining before the leading crypto exchange begins to legally operate in India.

FIU has processed Binance’s registration and approved it.

What remains is the compliance aspect related to how much of a penalty the exchange will have to pay – with this set for clarity during a hearing with the anti-money laundering unit.

Approval in India brings Binance into compliance in one more jurisdiction, with notable hurdles currently being in the US and Nigeria.

Which other crypto exchanges seek India’s nod?

In December last year, Indian authorities intensified the crackdown against offshore crypto exchanges by banning nine top providers for operating illegally. Other than Binance and KuCoin, the rest included Huobi, Kraken, Bitfinex, Gate.io, Bitstamp, MEXC Global and Bittrex.

Kraken and Gate.io, as well as Gemini, have reportedly initiated plans to gain approval. While these exchanges target resumption of operations in India, two platforms – OKX and Bitstamp – are in the process of exiting.

As highlighted earlier this year, India’s Ministry of Finance ordered the removal of Binance and the other exchanges’ apps from Apple’s App Store in the country. FIU had notified impacted platforms on December 28, with said companies asked to register.

The Philippines also recently asked Google (NASDAQ: GOOGL ) and Apple (NASDAQ: AAPL ) to remove the Binance app from their respective app stores.

This article first appeared on Invezz.com

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