Exciting news in the world of cryptocurrency: Binance and Kucoin have been given the green light to operate in India as Virtual Asset Service Providers (VASPs), according to reports from the Financial Intelligence Unit – India (FIU-IND). This development marks a significant shift after the exchanges faced bans due to anti-money laundering violations.
Director Vivek Aggarwal of FIU-IND shared that Kucoin resolved previous compliance issues, paying a fine of approximately $43,000, which led to the lifting of its website ban. On the other hand, Binance is still awaiting penalties after a temporary ban earlier this year. Binance was expected to return to the Indian market upon paying a $2 million fine.
In response to concerns about offshore exchanges, Aggarwal clarified that they don’t need separate Indian business entities but must appoint a registered compliance officer accessible to FIU-IND. Currently, FIU-IND oversees 47 entities engaged in cryptocurrency activities in India.
This development underscores a growing acceptance of cryptocurrencies in India, offering more options for investors while emphasizing compliance with regulations. The move signals potential growth for the crypto market in India, albeit within a regulated framework.
Stay tuned for more updates as the landscape of cryptocurrency continues to evolve in India and globally.
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