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.
