Shiba

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<p class="p1"><a href="https://fiuindia.gov.in/">India’s Financial Intelligence Unit (FIU-India)</a> is currently assessing four offshore cryptocurrency exchanges with the possibility of granting them approval to resume operations. This review follows the recent lifting of bans on two major exchanges, <a href="https://insidebitcoins.com/buy-cryptocurrency/best-crypto-exchanges/binance-alternatives">Binance</a> and Kucoin. The primary goal is to ensure that these exchanges fully comply with anti-money laundering (AML) regulations, particularly with regard to transaction transparency and the reporting of suspicious activities.</p> 
<h2 class="p2" id="potential-approval-of-offshore-exchanges-by-2025">Potential Approval of Offshore Exchanges by 2025</h2> 
<p class="p1">According to reports, FIU-India is working on requests from these offshore exchanges, aiming for a possible resumption of their activities by March 2025. An insider with knowledge of the situation mentioned to local media outlets:</p> 
<blockquote> 
 <p class="p1"> We have received applications from four additional offshore cryptocurrency exchanges to operate in India. It is likely that at least two of them will be allowed to resume operations by the end of FY25.</p> 
</blockquote> 
<p class="p1">The source elaborated that this approval would be contingent upon a thorough evaluation of transaction transparency and suspicious transaction reporting (STR) protocols, among other compliance factors. The official added:</p> 
<blockquote> 
 <p class="p1">Only after a comprehensive review and ensuring full adherence to AML regulations will we grant permission for any crypto exchange to operate in India. We maintain a stringent stance on compliance.</p> 
</blockquote> 
<h2 class="p2" id="binance-and-kucoin-reinstated-after-meeting-compliance-standards">Binance and Kucoin Reinstated After Meeting Compliance Standards</h2> 
<p class="p1">Recently, FIU-India granted Binance and Kucoin authorization to operate within the country as <a href="https://seon.io/resources/dictionary/virtual-asset-service-providers/">Virtual Asset Service Providers (VASPs)</a>. Vivek Aggarwal, the Director of FIU-India, confirmed that both exchanges have now been registered, which enables the unit to gain full visibility of their transactions and initiate the process for reporting any suspicious transactions.</p> 
<p class="p1">Kucoin had previously faced issues of non-compliance, which it resolved by paying a penalty of ₹35.5 lakh (around $43,000), leading to the removal of the ban on its website. Similarly, Binance faced penalties, having been fined ₹18.8 crore (approximately $2.25 million) by FIU-India for failing to adhere to AML regulations.</p> 
<h2 class="p2" id="offshore-exchanges-still-subject-to-compliance-requirements">Offshore Exchanges Still Subject to Compliance Requirements</h2> 
<p class="p1">In December of last year, the Indian government blocked access to nine <a href="https://insidebitcoins.com/buy-cryptocurrency/best-crypto-exchanges">offshore cryptocurrency exchanges</a> as part of a broader crackdown. While offshore exchanges are not required to establish separate Indian entities, they are obligated to appoint a compliance officer who must be registered with FIU-India. According to Aggarwal, this measure ensures that the exchanges adhere to local regulations and maintain transparency in their operations.</p> 
<p class="p1">In summary, FIU-India’s stringent review process underscores its focus on maintaining strict compliance with anti-money laundering rules. The potential approval of additional offshore cryptocurrency exchanges will depend on their ability to meet these regulatory standards, with a decision expected by the end of FY2025.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">MORE OFFSHORE CRYPTO EXCHANGES COULD SOON OPERATE IN INDIA</p> 
 <p>India’s FIU is evaluating four offshore crypto exchanges for possible approval by March 2025, focusing on strict AML compliance.</p> 
 <p>Following the reinstatement of Binance and KuCoin, FIU-India is committed to ensuring… <a href="https://t.co/2aBABr94Eq">pic.twitter.com/2aBABr94Eq</a></p> 
 <p>— Crypto Town Hall (@Crypto_TownHall) <a href="https://twitter.com/Crypto_TownHall/status/1831969038542545310?ref_src=twsrc%5Etfw">September 6, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 class="p1" id="shiba-shootout-a-revolutionary-meme-coin-p2e-game-on-the-rise">Shiba Shootout: A Revolutionary Meme Coin P2E Game on the Rise</h2> 
<p class="p1"><a href="https://insidebitcoins.com/visit/shibashootout" rel="nofollow">Shiba Shootout (SHIBASHOOT) i</a>s a groundbreaking meme coin that has garnered significant attention since its launch. The project is built around a unique Wild West-inspired narrative, featuring Marshal Shiba, who leads the community in the digital town of Shiba Gulch. In this lively setting, Shiba Inu fans engage in meme battles, share witty banter, and participate in creative competitions under the leadership of Marshal Shiba and the Shiba Sharpshooters.</p> 
<p><iframe title="SHIBA INU HOLDERS - ARE THEY SERIOUS?! WHAT!" width="640" height="360" src="https://www.youtube.com/embed/v2_bR6v2QNU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p> 
<h3 class="p2" id="combining-p2e-and-meme-coin-niches-for-a-unique-experience">Combining P2E and Meme Coin Niches for a Unique Experience</h3> 
<p class="p1">Shiba Shootout combines two popular trends in the cryptocurrency space: <a href="https://insidebitcoins.com/visit/shibashootout" rel="nofollow">play-to-earn (P2E) and meme coins</a>. This fusion is designed to offer an engaging and immersive experience for crypto enthusiasts. The project’s mission is reflected in its upcoming P2E game, which will be available soon on both the App Store and Google Play Store. According to the official project website, the game will feature action-packed duels that challenge players’ creativity and wit, with a distinct cowboy twist.</p> 
<h3 class="p2" id="high-reward-staking-program-and-community-incentives">High Reward Staking Program and Community Incentives</h3> 
<p class="p1">One of the key attractions of Shiba Shootout is its cactus staking program, which provides substantial rewards to early participants. I<a href="https://insidebitcoins.com/visit/shibashootout" rel="nofollow">nvestors who purchase and stake $SHIBASHOOT tokens</a> are eligible for an annual percentage yield (APY) of over 2000%. Additionally, the project incentivizes users to grow the community by offering rewards for those who invite friends and family to join the Shiba Shootout network.</p> 
<h3 class="p2" id="lucky-lasso-lottery-and-governance-role-for-token-holders">Lucky Lasso Lottery and Governance Role for Token Holders</h3> 
<p class="p1">In line with its focus on community engagement, Shiba Shootout has introduced the “Lucky Lasso Lottery” program. This initiative allows users to buy lottery tickets using $SHIBASHOOT tokens, offering them the chance to win exciting crypto prizes. Beyond the lottery, $SHIBASHOOT also serves a governance function, enabling token holders to have a say in the project’s future development and direction.</p> 
<h3 class="p2" id="low-priced-presale-with-high-potential">Low-Priced Presale with High Potential</h3> 
<p class="p1">Currently available at a presale price of $0.0194 per token, SHIBASHOOT stands out as one of the most affordable cryptocurrencies with a wide range of utility features. Investors who are interested in joining the presale can visit the project’s official website to participate in this early-stage opportunity.</p> 
<p style="text-align: center"><a href="https://insidebitcoins.com/visit/shibashootout" class="su-button su-button-style-3d" style="color:#000000;background-color:#F9A602;border-color:#c88502;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px" target="_self" rel="nofollow"><span style="color:#000000;padding:0px 24px;font-size:18px;line-height:36px;border-color:#fbc14e;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px;text-shadow:none;-moz-text-shadow:none;-webkit-text-shadow:none"> <strong>Visit Shiba Shootout Presale</strong></span></a></p> 
<p class="p1"><b>Related News</b></p> 
<ul class="ul1"> 
 <li class="li2"><span class="s1"><a href="https://insidebitcoins.com/news/indias-shift-towards-cryptocurrency-for-trade-within-the-brics-bloc"><span class="s2">India’s Shift Towards Cryptocurrency for Trade within the BRICS Bloc</span></a></span></li> 
 <li class="li2"><span class="s1"><a href="https://insidebitcoins.com/news/okx-halts-operations-in-india-amid-regulatory-challenges"><span class="s2">OKX Halts Operations in India Amid Regulatory Challenges</span></a></span></li> 
 <li class="li2"><span class="s1"><a href="https://insidebitcoins.com/news/binance-expands-fully-into-indian-market-full-access-for-local-users"><span class="s2">Binance Expands Fully into Indian Market: Full Access for Local Users</span></a></span></li> 
 <li class="li2"><span class="s1"><a href="https://insidebitcoins.com/news/indian-court-upholds-cryptocurrency-legality-and-grants-bail-to-yes-world-ceo"><span class="s2">Indian Court Upholds Cryptocurrency Legality and Grants Bail to Yes World CEO</span></a></span></li> 
</ul>

India’s Financial Intelligence Unit Evaluating Offshore Crypto Exchanges for Future Operations

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