Binance and KuCoin successfully register with India’s anti-laundering regulator

Several months after being banned for operating illegally in India, Binance and KuCoin have achieved a significant milestone by becoming the first offshore cryptocurrency entities to receive registration for their operations in the country. This registration was granted by the anti-money laundering unit, according to Coindesk on May 10. Both exchanges were included in the list of more than nine offshore entities that were banned from operating in India, including Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. The report also highlighted the establishment of a working group by Vivek Aggarwal, the director of FIU-IND, with the aim of reviewing compliance guidelines related to anti-money laundering laws for virtual digital asset service providers. Aggarwal emphasized that it is the responsibility of the government and the parliament to legitimize the industry. The registration of these exchanges is intended to protect the Indian economy and enhance the credibility of the system by preventing financial crimes. KuCoin has already paid a fine of $41,000 and resumed its operations, while Binance is still undergoing a hearing with the FIU to determine the penalty amount. Earlier this year, Binance came up with an innovative solution to bypass restrictions in India by creating alternative URLs that allowed Indian customers to access the platform without the need for a VPN. It is important to note that the opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.