{"id":48291,"date":"2024-05-11T07:32:31","date_gmt":"2024-05-11T07:32:31","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/11\/binance-registers-with-fiu-as-it-seeks-to-resume-operations-in-india\/"},"modified":"2024-05-11T07:32:31","modified_gmt":"2024-05-11T07:32:31","slug":"binance-registers-with-fiu-as-it-seeks-to-resume-operations-in-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/11\/binance-registers-with-fiu-as-it-seeks-to-resume-operations-in-india\/","title":{"rendered":"Binance Registers With FIU as It Seeks to Resume Operations in India"},"content":{"rendered":"
\"Binance<\/div>


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Binance<\/a>, the world’s largest cryptocurrency exchange, has registered with India’s Financial Intelligence Unit (FIU<\/a>), a senior FIU official said on Friday, as the exchange seeks to resume operations in the country.<\/p>\n

The exchange was barred from operating in India in December for non-compliance with local regulations as part of the financial watchdog’s crackdown on offshore crypto<\/a> exchanges that were operating in the country without registration.<\/p>\n

India requires virtual digital asset service providers, like crypto exchanges, to be registered with the FIU as a reporting entity and comply with obligations mandated under the country’s anti-money laundering rules.<\/p>\n

While Binance has registered with the FIU, it can resume operations only after paying a penalty for previous non-compliances, which is yet to be determined, Vivek Aggarwal, director of the FIU said.<\/p>\n

The FIU had issued show cause notices to 9 offshore cryptocurrency exchanges in December 2023 for non-compliance with local rules.<\/p>\n

The financial watchdog had also asked the ministry of electronics and information technology to block online access to the exchanges.<\/p>\n

Offshore crypto exchange KuCoin has also registered with the FIU and has resumed operations after paying a fine of 3.45 million rupees ($41,313), Aggarwal said.<\/p>\n

Kucoin had announced the registration in March, but had not shared details of the penalty.<\/p>\n

Binance and KuCoin did not immediately respond to emails seeking comment.<\/p>\n

\u00a9 Thomson Reuters 2024<\/em><\/p>\n\n

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)<\/i><\/p>\n

Affiliate links may be automatically generated – see our ethics statement<\/a> for details.<\/i><\/div>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Binance, the world’s largest cryptocurrency exchange, has registered with India’s Financial Intelligence Unit (FIU), a senior FIU official said on Friday, as the exchange seeks to resume operations in the country. The exchange was barred from operating in India in December for non-compliance with local regulations as part of the financial watchdog’s crackdown on offshore […]<\/p>\n","protected":false},"author":2,"featured_media":48292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/i.gadgets360cdn.com\/large\/binance_reuters_1683955675156.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[7007,48827,8353,40676,10847,273,3536,13597,4167,18573,5113,48828],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/48291"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=48291"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/48291\/revisions"}],"predecessor-version":[{"id":48293,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/48291\/revisions\/48293"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/48292"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=48291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=48291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=48291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}