India’s Financial Intelligence Unit Evaluating Offshore Crypto Exchanges for Future Operations

India’s
Financial
Intelligence
Unit
(FIU-India)
is
currently
assessing
four
offshore
cryptocurrency
exchanges
with
the
possibility
of
granting
them
approval
to
resume
operations.
This
review
follows
the
recent
lifting
of
bans
on
two
major
exchanges,

Binance
and
Kucoin.
The
primary
goal
is
to
ensure
that
these
exchanges
fully
comply
with
anti-money
laundering
(AML)
regulations,
particularly
with
regard
to
transaction
transparency
and
the
reporting
of
suspicious
activities.

Potential
Approval
of
Offshore
Exchanges
by
2025

According
to
reports,
FIU-India
is
working
on
requests
from
these
offshore
exchanges,
aiming
for
a
possible
resumption
of
their
activities
by
March
2025.
An
insider
with
knowledge
of
the
situation
mentioned
to
local
media
outlets:

We
have
received
applications
from
four
additional
offshore
cryptocurrency
exchanges
to
operate
in
India.
It
is
likely
that
at
least
two
of
them
will
be
allowed
to
resume
operations
by
the
end
of
FY25.

The
source
elaborated
that
this
approval
would
be
contingent
upon
a
thorough
evaluation
of
transaction
transparency
and
suspicious
transaction
reporting
(STR)
protocols,
among
other
compliance
factors.
The
official
added:

Only
after
a
comprehensive
review
and
ensuring
full
adherence
to
AML
regulations
will
we
grant
permission
for
any
crypto
exchange
to
operate
in
India.
We
maintain
a
stringent
stance
on
compliance.

Binance
and
Kucoin
Reinstated
After
Meeting
Compliance
Standards

Recently,
FIU-India
granted
Binance
and
Kucoin
authorization
to
operate
within
the
country
as

Virtual
Asset
Service
Providers
(VASPs).
Vivek
Aggarwal,
the
Director
of
FIU-India,
confirmed
that
both
exchanges
have
now
been
registered,
which
enables
the
unit
to
gain
full
visibility
of
their
transactions
and
initiate
the
process
for
reporting
any
suspicious
transactions.

Kucoin
had
previously
faced
issues
of
non-compliance,
which
it
resolved
by
paying
a
penalty
of
₹35.5
lakh
(around
$43,000),
leading
to
the
removal
of
the
ban
on
its
website.
Similarly,
Binance
faced
penalties,
having
been
fined
₹18.8
crore
(approximately
$2.25
million)
by
FIU-India
for
failing
to
adhere
to
AML
regulations.

Offshore
Exchanges
Still
Subject
to
Compliance
Requirements

In
December
of
last
year,
the
Indian
government
blocked
access
to
nine

offshore
cryptocurrency
exchanges
as
part
of
a
broader
crackdown.
While
offshore
exchanges
are
not
required
to
establish
separate
Indian
entities,
they
are
obligated
to
appoint
a
compliance
officer
who
must
be
registered
with
FIU-India.
According
to
Aggarwal,
this
measure
ensures
that
the
exchanges
adhere
to
local
regulations
and
maintain
transparency
in
their
operations.

In
summary,
FIU-India’s
stringent
review
process
underscores
its
focus
on
maintaining
strict
compliance
with
anti-money
laundering
rules.
The
potential
approval
of
additional
offshore
cryptocurrency
exchanges
will
depend
on
their
ability
to
meet
these
regulatory
standards,
with
a
decision
expected
by
the
end
of
FY2025.

MORE
OFFSHORE
CRYPTO
EXCHANGES
COULD
SOON
OPERATE
IN
INDIA

India’s
FIU
is
evaluating
four
offshore
crypto
exchanges
for
possible
approval
by
March
2025,
focusing
on
strict
AML
compliance.

Following
the
reinstatement
of
Binance
and
KuCoin,
FIU-India
is
committed
to
ensuring…

pic.twitter.com/2aBABr94Eq

—
Crypto
Town
Hall
(@Crypto_TownHall)

September
6,
2024

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