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Binance and KuCoin have successfully registered with India's Financial Intelligence Unit

Binance and KuCoin have successfully registered with India's Financial Intelligence Unit

Binance and KuCoin have successfully registered with India's Financial Intelligence Unit

India's Financial Intelligence Unit, which operates under the country's Finance Ministry, has approved the registration of offshore cryptocurrency exchanges, Binance and KuCoin. 

This is the first time that the country's anti-money laundering unit has approved crypto-related entities. Prior to this, more than 9 offshore entities, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex, were banned in India. 

However, KuCoin has since paid a fine of $41,000 and resumed operations. 

Binance's financial penalty is yet to be determined after a hearing with the FIU. 

Earlier, back in December 2023, India's Financial Intelligence Unit issued compliance show cause notices to the 9 offshore crypto exchanges under its Prevention of Money Laundering Act.

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