Binance, KuCoin Secure India FIU Registration Amid Regulatory Storm

• Binance’s compliance status remains uncertain pending a hearing with FIU-IND.
• KuCoin and Binance are working towards compliance with India’s anti-money laundering regulations.
• Indian authorities are tightening regulations, leading some exchanges to exit the market while others negotiate compliance.

KuCoin and Binance, both offshore exchanges, have made substantial progress in aligning with the nation’s anti-money laundering regulations. After facing months of prohibition over accusations of illegal operations, both platforms have initiated efforts to resolve their status with the Financial Intelligence Unit (FIU-IND), a critical division operating under the Finance Ministry’s jurisdiction.

KuCoin has already navigated the regulatory maze by paying a substantial penalty of $41,000. This move has facilitated the resumption of its operations within the Indian market. 

However, Binance, touted as the world’s largest cryptocurrency exchange, remains in limbo pending a conclusive hearing with the FIU-IND. The exchange has yet to ascertain the quantum of penalty it will be subjected to, underscoring the complexity of its compliance proceedings.

Vivek Aggarwal,…

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