• India's FIU is about to approve two extra offshore cryptocurrency exchanges along with Binance and KuCoin.
• Approval is predicated on a rigorous evaluation of transaction visibility, STRs and different options.
• The FIU has not but revealed the names of the exchanges it’s investigating.

The Indian cryptocurrency market could quickly welcome extra worldwide exchanges, signalling the opportunity of increasing past present gamers similar to not too long ago accredited Binance and KuCoin.

India's Monetary Intelligence Unit (FIU) is reportedly set to grant licenses to 2 extra offshore exchanges, a transfer that comes after 9 beforehand banned overseas exchanges sought re-entry into the Indian market.

Offshore exchanges search re-entry

In India, about 4 abroad cryptocurrency exchanges that have been beforehand banned for regulatory violations have utilized for licenses from the regulator, and regulators have revealed that not less than two of them could obtain licenses by the top of 2025 and resume operations within the nation.

The approval course of features a thorough evaluation of capabilities to make sure regulatory compliance, together with transaction visibility, suspicious exercise reporting (STR), and many others. Highlighting the significance of compliance, an FIU official stated:

“Cryptocurrency exchanges will probably be allowed to function in India solely after adequate due diligence.”

India beforehand banned worldwide crypto exchanges similar to Binance, KuCoin and OKX for violating its crypto regulatory coverage, after which the platforms have been formally warned about potential tax evasion and anti-money laundering violations and requested to clarify their actions.

Additionally learn: Indian tax authorities search over $86 million in GST from Binance

Shortly thereafter, Binance was fined $2.25 million and re-entered the Indian crypto market, changing into the primary overseas crypto trade, together with KuCoin, to obtain FIU permission. The regulator deemed the effective “substantiated,” however supplied extra steerage to the trade to make sure strict regulatory compliance.

FIU AML Enforcement Efforts

The FIU stays dedicated to carefully imposing anti-money laundering (AML) rules to keep up a robust framework for stopping monetary crimes. The company declared that the 2 exchanges awaiting approval can also face penalties sooner or later, much like the circumstances of Binance and KuCoin. Nonetheless, the company has not but revealed the names of the exchanges underneath investigation.