Binance registers with FIU to resume India operations

Binance registers with FIU: Binance, world's leing cryptocurrency exchange, has taken steps towards resuming operations in India by registering with country's Financial Intelligence Unit (FIU), as confirmed by a senior FIU official on Friday.

exchange h been prohibited from operating in India since December due to non-compliance with local regulations, part of authorities' crackdown on offshore crypto exchanges operating in country without proper registration.

India mandates that virtual digital asset service providers, such as crypto exchanges, register with FIU as reporting entities and here to anti-money laundering rules.

Although Binance has completed its registration with FIU, it must first settle penalties for past non-compliance, amount of which is yet to be determined, according to Vivek Aggarwal, director of FIU.

In December 2023, FIU issued show-cause notices to nine offshore cryptocurrency exchanges for non-compliance with local regulations. ditionally, financial watchdog requested Ministry of Electronics and Information Technology to block online access to se exchanges.

Anor offshore crypto exchange, KuCoin, has also registered with FIU and resumed operations after paying a fine of 3.45 million rupees ($41,313), as disclosed by Aggarwal. KuCoin announced its registration in March but did not disclose details of penalty incurred.

Both Binance and KuCoin have not immediately responded to requests for comment via email.

(With Reuters inputs)