🚨 BREAKING 📷 #Binance 📷 have officially registered with India's Financial Intelligence Unit 📷 🔥
Crypto exchange Binance completes initial registration with FIU-IND, further compliance proceedings still on
While Binance’s penalty is yet to be decided,
KuCoin which is fully registered has paid out Rs 34.5 lakhs in penalty and is now operational,
-said FIU-IND director Vivek Aggarwal.
World’s largest crypto exchange Binance got registered with the
Financial Intelligence Unit in India (FIU-IND), months after nine
offshore exchanges in India were blocked for not following local
anti-money laundering regulations.
This registration is, however, an initial step, as the compliance processes are still on. The exchange will be operational in India only after the completion of these processes and payment of a penalty fee is yet to be decided.
Binance’s registration comes close on the heels of rival KuCoin signing up in March. Meanwhile, OKX decided to discontinue its services in India from April 30.
According to Vivek Aggarwal, Director, FIU-IND and Additional Secretary Department of Revenue Government of India, KuCoin is fully registered and operational now after paying a penalty fee of Rs 34.5 lakh.
“Binance’s operations have not yet resumed and the quantum of penalty is yet to be decided. Binance, as of now, has completed the initial registration with FIU-IND. Its penalty and compliance proceedings are still going on,” Aggarwal added, speaking at a workshop conducted by industry body Bharat Web3 Association (BWA) in New Delhi on May 10.
