2024

Bitcoin

<h4><strong>This milestone makes them the first offshore crypto-related entities to gain approval from India’s anti-money laundering authority. </strong></h4> 
<p>Also, the registration comes months after both entities, along with several others, were banned for allegedly “operating illegally” in the country.</p> 
<h5><strong>Binance and Others Poised to Transform India’s Crypto Regulations</strong></h5> 
<p>The registration process was not without its hurdles. <a href="https://www.altcoinbuzz.io/?s=KuCoin" target="_blank" rel="noopener">KuCoin</a> paid a $41,000 penalty in a compliance settlement, while Binance’s fine is pending FIU hearing results. So, the approvals mark a pivotal moment for both exchanges, demonstrating their commitment to adhering to local regulations. They are determined to operate within the legal frameworks of the markets they serve.</p> 
<p>The <a href="https://fiuindia.gov.in/" target="_blank" rel="noopener">FIU-IND</a>, operating under India’s Finance Ministry, plays a crucial role in combating money laundering and terrorism financing. By registering with FIU-IND, Binance and KuCoin have met India’s stringent regulatory standards. This recognition paves the way for their legitimate operation in one of the world’s most populous markets.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Crypto exchanges <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@Binance</a> and <a href="https://twitter.com/kucoincom?ref_src=twsrc%5Etfw">@KuCoinCom</a> have secured registration at India's Financial Intelligence Unit, by <a href="https://twitter.com/amitoj?ref_src=twsrc%5Etfw">@amitoj</a>.<a href="https://t.co/iQF1aZl7wr">https://t.co/iQF1aZl7wr</a></p> 
 <p>— CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1788879271479390708?ref_src=twsrc%5Etfw">May 10, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Also, the backstory to this development includes a broader crackdown by Indian regulators at the end of the previous year. Over nine major <a href="https://www.altcoinbuzz.io/?s=exchanges" target="_blank" rel="noopener">exchanges</a>, including Huobi, Kraken, and Bitfinex, were banned. The bans targeted entities operating without proper authorization.</p> 
<p>The FIU-IND’s approval of Binance and KuCoin is significant given their global market influence. So, Binance and KuCoin aim to expand in India, ensuring compliance with local regulations.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/binance-and-kucoin-registered-by-indias-fiu/">Binance and KuCoin Registered by India’s FIU</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Binance and KuCoin Registered by India’s FIU

Altcoin Buzz

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