Binance, KuCoin Win Registration From India Anti-Money Laundering Regulator as Crypto Credibility Improves

Binance, the world's largest cryptocurrency exchange, and rival KuCoin became the first offshore crypto-related entities be approved by India's anti-money laundering unit, months after being banned for "operating illegally." The two have been registered with the country's Financial Intelligence Unit (FIU-IND), the most senior official of the unit, which falls under the nation's Finance Ministry, told CoinDesk. They were among more than 9 offshore entities banned – others included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex – at the end of last year. The approval marks a credibility shift for crypto in the nation, said Vivek Aggarwal, who heads FIU-IND, at a meeting with several financial journalists. The unit will set up a working group with the industry to review compliance guidelines on money laundering laws for virtual digital asset service providers, he said.