Synopsis: Two crypto exchange biggies of the world Binance India, and KuCoin have finally registered with India’s Financial Intelligence Unit (FIU-IND). KuCoin started its operations after paying a fine of $41,000, Binance India on the other hand will pay the fine after a meeting with FIU.
The day cryptocurrency enthusiasts and investors were waiting for has finally come. Binance India, and KuCoin, two of the world’s largest cryptocurrency exchanges have successfully registered in India under its financial watchdog Financial Intelligence Unit (FIU).
KuCoin has resumed operations in India after depositing the fine of $41,000 while Binance India will do the same after its meeting with FIU.
Binance India: FIU-IND Confirm Compliance Proceedings
Finance Intelligent Unit India (FIU-IND) is the government’s anti-money laundering watchdog, reporting to the country’s Finance Ministry. An official issued the compliance registration with the below statement:
“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,”
Vivek Aggarwal, FIU-IND
KuCoin after paying a fine of $41,000 resumed its operations in the country.
Crypto Regulation in India to Bring Another Bullish Uptrend?
While the registration of Binance, and KuCoin is a piece of great news for the crypto markets globally, it comes with it own set of challenges. Indian demographics, investors psyche, and controlled participation by FIU-IND.
On the bigger picture, the world’s largest population country holds infinite potential but the world of crypto is filled with dangers on every step. Investors should do their own research before betting money on the future bullish uptrend of the country.
Also Read: Bitcoin Surpasses One Billion Processed Transactions
