FIU Steps Up AML & CFT Compliance For Crypto Exchanges In India
Indian authorities are implementing strict Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) guidelines to regulate cryptocurrency exchanges in the country. The Financial Intelligence Unit (FIU) has granted Binance and KuCoin the status of Virtual Asset Service Providers (VASPs) in India, as part of a broader effort to ensure compliance with the Prevention of Money Laundering Act (PMLA). KuCoin has resolved previous non-compliances with a penalty payment of INR 41 lakhs, lifting the ban on its websites in India.
Binance is settling liabilities and is expected to pay a $2 million fine. Both exchanges are now registered under the Financial Intelligence Unit-IND, under the Indian Ministry of Finance. Furthermore, The Bharat Web3 Association conducted a training workshop for VASPs to educate them on compliance responsibilities and challenges faced by VDAs. India is one of the fastest-growing cryptocurrency economies globally, with the highest adoption rate as of 2023. Binance’s return positions it as the second FIU-compliant foreign cryptocurrency exchange to enter the burgeoning market.
(With inputs from Shikha Singh)
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