India’s FIU Mulls Approval of Foreign Crypto Exchanges
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
Crypto in India is evolving rapidly as the country’s Financial Intelligence Unit (FIU) reviews registration requests from four foreign crypto exchanges.
According to sources familiar with the matter, two of these entities could receive approval to begin operations in India by the end of the Financial Year 2025.
According to the source, the two exchanges that may receive approval will undergo a detailed assessment of their operations, particularly concerning non-compliance issues, before India’s 2023 regulatory crackdown.
Penalties will be imposed based on the extent of their activities in India and the degree of their previous non-compliance.
“Only after complete due diligence will we allow any crypto exchange to operate in India,” the source emphasized. “We are very strict about compliance.”
The potential approval of these new exchanges comes in the wake of major regulatory changes.
In 2023, India’s Finance Ministry issued a mandate requiring all cryptocurrency exchanges to register as reporting entities with the FIU.
Following this mandate, the FIU notified nine prominent foreign exchanges, including Binance, KuCoin, Huobi, Kraken, Gate.io, and Bitfinex, for failing to comply with registration and AML requirements.
As part of a nationwide crackdown, Indian authorities blocked access to these platforms’ websites and mobile apps, effectively freezing their operations within the country.
The enforcement measure aligns with the Prevention of Money Laundering Act (PMLA), a law designed to combat financial crimes by ensuring transparency and
Read more on cryptonews.com
