A financial regulator in India is reportedly approving crypto exchange platforms Binance and Kucoin for business within the country after banning them last December.
According to a new report from CoinDesk, Binance and Kucoin have been approved by India’s anti-money laundering regulator, which said the registration of crypto exchanges will “add a little more credibility to the system.”
The world’s largest crypto exchange by volume and Kucoin will be the first two offshore digital asset exchanges approved by the regulator since banning nine last year. Others banned at the time included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.
As Vivek Aggarwal, head of the Indian Financial Intelligence Unit (FIU-IND), tells CoinDesk:
“[The registrations] safeguard the Indian economy. If a company is protected from abuse for financial crimes, then it automatically has, if not legitimacy, at least little more credibility for the system.”
While Kucoin is currently active in India, Binance is not as it has yet to pay a $41,000 fine, according to the report.
Says Aggarwal,
“Binance has been registered, but the compliance process has not yet been completed as I need to determine the amount of the fine and that hearing is still ongoing.”
Other banned crypto exchanges, such as Kraken, Gemini and Gate.io, have started negotiations with the FIU-IND, while others, such as OKX and Bitstamp, have filed plans to leave the country, according to the report.
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