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Binance and KuCoin Obtain Registration with India’s Top Financial Regulator

Late last year, the Indian government through the Financial Intelligence Unit India (FIU IND) blocked access to nine offshore cryptocurrency exchanges led by Binance Holdings Ltd, KuCoin, Huobi, and Kraken among others. However, the Indian government has now initiated a comeback process to register the blocked offshore crypto exchanges.

On Friday, FIU IND announced that Binance and KuCoin are now registered virtual digital assets service providers (VDASPs) in the country. As a result, both rival cryptocurrency exchanges are now competing for the cast Indian crypto market.

However, Binance has not yet completed its compliance proceeds case, thus the reason for the unpaid penalty. As Coinspeaker previously stated, Binance is willing to pay a fine of up to $2 million to the Indian government to obtain an operating license.

“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, the head of FIU, License.

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