A financial regulator in India is reportedly approving crypto exchange platforms Binance and Kucoin for business within the nation after banning them last December.
According to a new report by CoinDesk, Binance and Kucoin have been approved by India’s anti-money laundering regulator, who said the crypto exchanges registering will add “a little more credibility to the system.”
The world’s largest crypto exchange by volume and Kucoin will be the first two offshore digital asset exchanges approved by the regulator since banning nine of them last year. Others banned at the time included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.
As stated by Vivek Aggarwal, head of India’s Financial Intelligence Unit (FIU-IND), to CoinDesk,
“[The registrations] safeguard the Indian economy. If any business is ring-fenced from being abused for financial crime then automatically it has, if not legitimacy, at least little more credibility to the system.”
However, while Kucoin is currently operating in India, Binance is not because it has yet to pay a penalty of $41,000, according to the report.
Says Aggarwal,
“Binance is registered but the compliance proceedings are not completed because the amount of penalty has to be decided by me and that hearing is still going on.”
Other banned crypto exchanges, such as Kraken, Gemini, and Gate.io, have begun negotiations with FIU-IND while others, like OKX and Bitstamp, have submitted plans to exit the country, according to the report.
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