Binance and KuCoin Lead Compliance in the Indian Crypto Market

Friday, 10 May 2024, 12:37

Binance is set to resume operations in India after reaching an agreement with the Financial Intelligence Unit (FIU-IND), aligning with regulatory demands along with KuCoin. This move follows a period of challenges in December 2023, where non-compliant exchanges faced sanctions and users were encouraged to transfer to FIU-registered platforms.

https://store.livarava.com/2814e8f3-0eca-11ef-a6c2-63e1980711b2.png — Binance and KuCoin Lead Compliance in the Indian Crypto Market

Binance's Steps towards Compliance in India

Binance, the world's largest crypto exchange, has committed to restarting its operations in India by agreeing to pay a fine to the Financial Intelligence Unit (FIU-IND).

International Exchanges Aligning with Indian Regulations

This decision reflects a broader trend of international exchanges seeking compliance with India's stringent anti-money laundering laws.

Following in the footsteps of KuCoin, Binance aims to enhance its compliance actions in response to regulatory pressure.

Vivek Aggarwal, head of FIU-IND, stated that the compliance proceedings are ongoing, emphasizing the importance of aligning with regulatory frameworks.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.