Binance and KuCoin Granted Approval by India’s Anti-Money Laundering Unit
The Financial Intelligence Unit of India (FIU-IND) revealed on May 10 that Binance and KuCoin successfully registered with the regulatory body on May 10.
It should be noted that these two exchanges were among several offshore entities that were banned last year, which included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Vivek Aggarwal, the head of FIU-IND, said the approval marks a credibility shift for the cryptocurrency industry within the country.
Aggarwal said that the unit plans to establish a working group in collaboration with the industry to review compliance guidelines related to anti-money laundering laws for virtual digital asset service providers.
According to Aggarwal, the legitimacy and credibility of the industry lie in the hands of the parliament and the government as a whole.
JUST IN:
Read more on cryptonews.com
