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Cryptocurrency exchanges Binance and KuCoin are now recognized virtual asset service providers allowed to do business in India, The Economic Times reported, citing a government official.
A ban on KuCoin’s website was lifted after the company payed a fine of US$42,509, while Binance is also set to return once the size of its fine is decided, said Vivek Aggarwal, director of India’s Financial Intelligence Unit (FIU).
With new regulations, the FIU can now fully track transactions on these platforms. Aggarwal said that these exchanges will also need to submit reports of suspicious transactions soon.
The FIU currently supervises 47 entities trading and managing crypto assets in the country.
In January, the Indian government had banned some offshore cryptocurrency platforms – including Binance, KuCoin, Huobi, Gate.io, OKX, Bitstamp, and Kraken – from operating in the country as they did not adhere to the FIU’s and anti-money laundering regulations.
While Bitstamp and OKX have wrapped up operations in India, Gate.io and Kraken are still in conversations with the FIU.
Meanwhile, in the US, Binance CEO Changpeng Zhao was given a four-month sentence after pleading guilty to breaking US anti-money laundering rules. Binance was also banned in the Philippines earlier this year.
See also: US civil suit against Binance.com: What’s the real motivation?
Currency converted from Indian rupee to US dollar: US$1 = 83.5 rupees.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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