In the beginning of 2024, India had banned nine crypto exchanges -Binance, Kucoin, Huobi, Kraken, Gate.io, Bitstamp, MEXC Global, Bittrex, and Bitfenix for non-compliance with anti-laundering law in the country.
"Apart from Kucoin and inance, we have received four more requests from the offshore crypto exchanges," said the senior government official. An email query sent to the Union Ministry of Finance remained unanswered at the time of going to press.
The FIU India lifted the ban from Kucoin in March, after imposing a penalty of 34.5 lakh. However, proceedings for Binance are still pending. "We expect them to go live very soon," the official said.
On December 28, before banning the nine exchanges for illegally operating within the country, the FIU-India had issued show-cause notices to them in response to violations of India's anti-money laundering regulations.
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