India’s Financial Watchdog Receives Petitions from Offshore Crypto Exchanges Seeking to Resume Operations

The Financial Intelligence Unit (FIU) in India is receiving new petitions from offshore cryptocurrency exchanges looking to resume operations in the country. This comes after global exchanges Binance and KuCoin were recently approved to restart their services in India.

According to a report from Business Standard, four additional crypto exchanges have requested permission to operate in India. KuCoin has already resolved previous compliance issues with a penalty, while Binance is still in the process of settling its liabilities.

The Indian government has been working to integrate the cryptocurrency industry into its banking system, requiring companies to collect Know Your Customer (KYC) details and register with the FIU. This move aims to establish a regulatory framework and prevent money laundering in the crypto sector.

With the approval of KuCoin and Binance, the total number of registered crypto companies in India is set to reach 48. The ban on several other exchanges last year had a negative impact on the Indian cryptocurrency industry, leading many traders to use foreign exchanges.

Binance recently stopped allowing cash payments for crypto transactions in India to comply with regulations and improve its market reputation. The country is taking steps to regulate the crypto sector and ensure compliance with existing financial laws.