Binance and KuCoin Secure Registration with India's Financial Intelligence Unit

By CryptoTale
2 months ago
KCS IBNB
  • KuCoin, already fined $41,000, leads in aligning with India's AML norms; Binance awaits a hearing for its compliance penalty.
  • Establishing a local team in India, KuCoin seeks banking partnerships to integrate with the country's financial system.
  • The CEO of KuCoin highlights the shift from disorder to order in the crypto industry amid intensified global regulatory scrutiny.

Binance and KuCoin, two of the world's largest cryptocurrency exchanges, have officially registered with India's Financial Intelligence Unit (FIU). This marks the first instance where offshore crypto entities have gained approval from the country's anti-money laundering unit, a move seen as a milestone in regulatory compliance.

KuCoin has already paid a fine of $41,000 as part of the registration process. Meanwhile, Binance is awaiting a final decision on its financial penalty, pending a hearing with the FIU. This development follows a turbulent period where more than nine offshore crypto exchanges, including Huobi, Kraken, and Bitfinex, were banned by India due to non-compliance with local regulations.

Earlier this year, KuCoin took proactive steps by registering with FIU-India in March, swiftly aligning itself with the country’s stringent anti-money laundering norms. This action positioned KuCoin as one of the first foreign exchanges to comply fully with Indian regulations.

Read more on Cryptotale.

Visit the links for more information Website | Twitter | Telegram | Instagram |

Related News