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India’s Financial Intelligence Unit assesses offshore cryptocurrency exchanges for future operations

Posted on by darion

The Financial Intelligence Unit of India (FIU-India) is currently assessing four offshore cryptocurrency exchanges for possible approval to resume operations. The review comes after the recent lifting of bans on two major exchanges, Binance and Kucoin. The primary goal is to ensure that these exchanges are fully compliant with anti-money laundering (AML) regulations, particularly with regard to transparency of transactions and reporting of suspicious activities.

Potential approval of offshore exchanges by 2025

FIU-India is reportedly working on applications from these offshore exchanges with a view to possibly resuming their operations by March 2025. An insider with knowledge of the situation told local media:

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 able to resume operations by the end of fiscal 2025.

The source explained that this approval will be contingent on a thorough assessment of transaction transparency and suspicious transaction reporting (STR) protocols, among other compliance factors. The official added:

Only after a comprehensive review and ensuring full compliance with AML regulations will we grant permission to operate any cryptocurrency exchange in India. We maintain a rigorous stance on compliance.

Binance and Kucoin Reinstated After Meeting Compliance Standards

Recently, FIU-India granted Binance and Kucoin authorization to operate in the country as Virtual Asset Service Providers (VASPs). Vivek Aggarwal, director of FIU-India, confirmed that both exchanges have already been registered, which allows the entity to gain full visibility of their transactions and initiate the process of reporting any suspicious transactions.

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

Offshore exchanges still subject to compliance requirements

In December 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 set up separate Indian entities, they are required to appoint a compliance officer who must be registered with the FIU-India. Aggarwal says the measure ensures that exchanges comply with local regulations and are transparent about their operations.

In summary, FIU-India’s rigorous review process underscores its focus on maintaining strict compliance with anti-money laundering regulations. 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 fiscal year 2025.

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