🇮🇳 BINANCE & KUCOIN WIN APPROVAL FROM INDIAN REGULATOR!

- KuCoin is the 1st overseas Bitcoin and Crypto exchange registered with FIU.

- Today, Binance is the 2nd overseas BTC and Crypto exchange to register with FIU.

- FIU: Financial Intelligence Unit.

ACHIEVEMENT AND PENALTY:

- Finally, Binance and KuCoin registered with India’s Financial Intelligence Unit (FIU).

-This marks the first major approval of the CEXs by the country's anti-money laundering body.

- Kucoin paid a $41,000 fine, and Binance awaits its penalty.

INFO:

- In addition, it may spell an end to India’s very harsh attitude toward offshore crypto CEXs.

- Binance & KuCoin, along with Kraken & HTX Global, faced potential bans in late 2023.

- Leading CEXs aim to comply with laws in various places to ensure smooth operations.

BANNING EXCHANGES:

- The Financial Intelligence Unit (FIU) ordered Binance , KuCoin, Bitstamp, Huobi, MEXC, Kraken, Gateio, Bitfinex, and Bittrex, OKX to register as 'reporting entities' for Indian users.

- They may face URLs ban, iOS, Android app blocking in India. ~ 14 Jan 2024.

1⃣: KuCoin is the first overseas Bitcoin and crypto exchange registered with FIU. ~ 23 March 2024.

SHOUT DOWN OR REGISTRATION:

- OKX, a foreign Bitcoin and cryptocurrency exchange, shut down operations in India due to regulatory issues involving the Financial Intelligence Unit (#FIU).

- Other exchanges are either seeking FIU registration or closing like OKX. ~ 30 April 2024.

TODAY:

- Binance has been registered with India's Financial Intelligence Unit ( FIU )

- Huge achievement for the Binance team and their users.

- Congratulations @Binance for FIU-IND successfully registered.

#BinanceLaunchpool #ETHETFS #ETFvsBTC #altcoins #BlackRock $BNB