India FIU Weighs Approval for Additional Offshore Cryptocurrency Exchanges

India’s Financial Intelligence Unit (FIU-India) is reviewing four offshore cryptocurrency exchanges for potential approval to resume operations by March 2025, following the lifting of bans on Binance and Kucoin.

The review focuses on anti-money laundering compliance, including transaction transparency and reporting of suspicious activities. FIU-India has already authorized Binance and Kucoin as Virtual Asset Service Providers (VASPs), with both exchanges now registered and subject to full transaction oversight.

Binance and Kucoin had previously faced fines for non-compliance. FIU-India emphasizes that any new exchanges must meet strict compliance standards before gaining approval.

Clever Robot News Desk 8^th September 2024