India’s Financial Intelligence Unit (FIU) plans to approve two more offshore cryptocurrency exchanges to restart operations in the country, ChainCatcher reported.

The FIU, which oversees anti-money laundering (AML) compliance in India, is reviewing requests from four overseas cryptocurrency exchanges that were previously banned for not complying with the country’s AML regulations.

Sources said at least two exchanges are expected to resume operations by the end of fiscal 2025. The decision will be made after a thorough review of transaction visibility, suspicious transaction reporting and other related issues.

In January this year, the FIU blocked the URLs and mobile applications of nine foreign cryptocurrency exchanges for not complying with the country’s anti-money laundering norms.