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.
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