Binance and KuCoin Re-Enters Indian Market

The world’s largest crypto exchange Binance and Hong Kong-based platform KuCoin are once again open to Indian traders and investors after undergoing registration with the Financial Intelligence Unit (FIU). Both firms have pledged to pay fines for breaching regulations and promised to adhere to tax guidelines set for virtual asset service providers.

Binance and KuCoin Re-Enters Indian Market

Reports indicate that KuCoin has already paid a fine of $41,000, while the fine amount for Binance remains to be determined. Access to Binance’s trading platform website will remain suspended until the fine is settled. Alongside Binance and KuCoin, Bittrex, HTX, Bitstamp, Kraken, MEXC, Gate, and Bitfinex were among the platforms affected.

Gate.io and Kraken, both subject to restrictions, are also in talks to resume their operations in the Indian market. But Bitstamp has put forth a plan to exit the country.

Towards the end of 2023, restrictions were imposed on foreign crypto platforms operating in India, as authorities deemed their activities illegal. Consequently, the FIU directed to block access to these exchanges’ sites for local investors and traders.

Binance and KuCoin became the first foreign crypto companies to receive approval from India’s anti-money laundering unit. Vivek Aggarwal, the head of the FIU, said that this decision marks a shift in the nation’s stance towards cryptocurrencies. Aggarwal announced the formation of a task force comprising industry stakeholders aimed at revising compliance guidelines concerning anti-money laundering laws for virtual digital asset service providers.

Suman Banerjee, CIO of alternate investment platform Hedonova, noted that the expanded list of crypto assets and trading opportunities now available to Indian investors. This move also underscores the acknowledgment of cryptocurrencies’ potential benefits.

Balaji Srihari, Business Head of CoinSwitch, highlighted the importance of adherence to regulations in ensuring consumer safety. Leading exchanges like Binance and KuCoin, which align with FIU standards, serve as exemplary models for other companies seeking to work in India.

Meanwhile, Turkish authorities have initiated groundwork for implementing crypto regulations.

You will be interested
National Bank of Ukraine considers restrictions on P2P transfers National Bank of Ukraine considers restrictions on P2P transfers EU will create its own blockchain for digital sovereignty assurance EU will create its own blockchain for digital sovereignty assurance Binance and KuCoin Re-Enters Indian Market Binance and KuCoin Re-Enters Indian Market Mastercard collaborates with major US banks for tokenised settlement trials Mastercard collaborates with major US banks for tokenised settlement trials Turkey Set to Enact Crypto Legislation by End of 2024 Turkey Set to Enact Crypto Legislation by End of 2024
Get the news first
Subscribe to the newsletter
Share
Read more