Financial Intelligence Unit clears Binance and Kucoin to be Virtual Asset Service Providers
Financial Intelligence Unit (FIU) has approved the applications of offshore cryptocurrency exchanges Binance and Kucoin to register them as Virtual Asset Service Providers (VASPs) to trading in India, a top government official said.
Kucoin paid a penalty of Rs 35.5 lakh for past non-compliances and the ban on its websites has been lifted. Meanwhile, Binance's quantum of liabilities is still being computed, he said.
“So Kucoin and Binance have got registered with FIU India,” Vivek Aggarwal, director, FIU-IND, told reporters on Friday. “We are now having a full visibility of transactions that we need and the STR (suspicious transaction report) submission process will start soon.”
ET was the first to report in the April 18 edition that Binance, the world’s largest cryptocurrency exchange that was banned by the government in January, is poised to return to India by paying a penalty of about $2 million.
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View Details»Aggarwal, however, did not confirm the sum and said that calculations are still being made.
He added that FIU guidelines do not mandate offshore
