đźđł BINANCE & KUCOIN WIN APPROVAL FROM INDIAN REGULATOR!
- KuCoin is the 1st overseas BitcoinâŻand Crypto exchange registered with FIU.
- Today, Binance is the 2nd overseas BTCâŻand Crypto exchange to register with FIU.
- FIU: Financial Intelligence Unit.
ACHIEVEMENT AND PENALTY:
- Finally, Binance and KuCoin registered with Indiaâs 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 Indiaâs 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 BinanceâŻ, 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.
1âŁ: KuCoin is the first overseas Bitcoin and crypto exchange registered with FIU. ~ 23 March 2024.
SHOUT DOWN OR REGISTRATION:
- OKX, a foreign BitcoinâŻand 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 BinanceâŻteam and their users.
- Congratulations @Binance for FIU-IND successfully registered.
#BinanceLaunchpool #ETHETFS #ETFvsBTC #altcoins #BlackRock $BNB