Binance and KuCoin are registered with India's Financial Intelligence Unit, which is under the Ministry of Finance. This is the first time the country's anti-money laundering department has approved an offshore cryptocurrency-related entity. Binance and KuCoin are among more than nine offshore entities banned in India, including Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.
KuCoin has paid a $41,000 fine and has resumed operations. Binance has not resumed operations as it is expected to pay the fine after a hearing with the Financial Intelligence Unit.
Binance and KuCoin Receive Registration with India's Financial Intelligence Unit
2024-05-10 10:36:17
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