- A top government official said that the ban on the world’s largest crypto exchange, Binance, will be lifted soon by the Financial Intelligence Unit-India (FIU-India).
- In March, the ban on another offshore crypto exchange, KuCoin, was lifted after FIU-India imposed a fine of Rs 34.5 lakh.
- In addition, FIU has also approved the application of offshore cryptocurrency exchanges Binance, and KuCoin to register as Virtual Asset Service Providers (VASPs) to trade in India.
- In January, nine offshore cryptocurrency platforms including Binance, KuCoin, Huobi, OKEx, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex—were banned from operating through websites and mobile applications in India.
Financial Intelligence Unit—India (FIU-IND)
- FIU-India is the national agency responsible for analyzing suspicious financial transactions.
- It collects financial intelligence about offences under the Prevention of Money Laundering Act, of 2002.
- Established in November 2004, it reports directly to the Economic Intelligence Council (EIC), chaired by the Finance Minister.
- It is headquartered in New Delhi.