The world's largest cryptocurrency exchange, Binance, and rival KuCoin have been registered with India's Financial Intelligence Unit, the most senior official of the unit, which falls under the nation's Finance Ministry, told CoinDesk.
This is the first time offshore crypto related entities have been approved by the country's anti-money laundering unit.
KuCoin paid a fine of $41,000 and Binance's financial penalty is still to be determined after a hearing with the FIU.
Binance and KuCoin were among more than 9 offshore entities banned by India, including Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.
KuCoin has paid a penalty of $41,000 and has resumed operations.
Binance has not resumed operations because it is expected to pay a penalty after a hearing with the FIU.
“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,” said
This is a developing story...
Read More: India's Local Crypto and Web3 Advocacy Body Asked for Action Against Offshore Entities: Source
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