Crypto companies bank on fair play as Binance logs into FIU-IND

India to have 48 registered crypto entities after KuCoin, Binance register

The regulatory gap between crypto firms registered with the Financial Intelligence Unit-India (FIU-India) and unregistered offshore entities is expected to narrow, industry players said, after global crypto players Binance and KuCoin received approvals to register with India's anti-money laundering unit.

FIU-India is expected to lift the ban on Binance, the world’s largest crypto exchange, after completing due diligence, a top government official said on Friday.
 

It had, however, lifted the ban on another offshore crypto exchange KuCoin in March after imposing a penalty of Rs 34.5 lakh.

Some industry players welcomed the move by the regulator, saying it gives the much-needed credibility