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Binance and KuCoin, two leading names in the cryptocurrency exchange market, have become the first offshore crypto-related entities to receive approval from India’s Financial Intelligence Unit (FIU-IND) after a recent ban. These platforms were among several banned at the end of last year for operating illegally in India, alongside other major exchanges like Huobi and Kraken.
This approval marks a significant turnaround as both exchanges have now registered with the FIU-IND, which is part of India’s Finance Ministry. The registration allows them to resume operations within the country, although with some conditions. For instance, KuCoin has already paid a penalty of $41,000 and has restarted its services. Binance, on the other hand, is still awaiting the conclusion of compliance proceedings and the determination of a penalty amount, which is expected to be finalized after an upcoming hearing.
The scenario reflects broader efforts by India to regulate the operation of offshore cryptocurrency exchanges actively. Other platforms such as Kraken, Gemini, and Gate.io are currently negotiating with the regulator to possibly regain access to the Indian market. Conversely, exchanges like OKX and Bitstamp are planning to withdraw from India following regulatory challenges.
