KuCoin crypto exchange became the first ever non-Indian crypto exchange to secure registration with the FIU body.
KuCoin is an averagely popular cryptocurrency exchange in India. This crypto exchange commenced operations in 2017 globally and introduced fiat deposit capabilities in 2018. Today, it holds the top 7th position for 24-hour global cryptocurrency trading volume.
On 22 March 2024, The KuCoin crypto exchange team announced that the exchange secured registration with the Financial Intelligence Unit (FIU) body.
With this successful registration, KuCoin became the first ever foreign global crypto exchange in India to secure FIU registration, which is a very big deal for this exchange.
People need to know that already the majority of the Indian crypto exchanges are registered with the FIU body. The top Indian crypto exchanges registered with the FIU are Coindcx, Unocoin, Giottus, Bitbns, Zebpay, Wazirx, Coinswitch, Mudrex, Buyucoin, Pyor, Valr, and Bytex.
Many crypto enthusiasts noted that such moves are going to change the whole perspective of Indian crypto entrepreneurs, as the global crypto exchanges are allowed to conduct business in India, which is different from America & Australia like big countries.
Just a couple of days ago, the OKX crypto exchange announced its departure from the Indian crypto market. As per OKX’s mail to the customers, the exchange failed to operate a crypto business in the country citing regulatory pressure from the Indian authorities.
The OKX team requested all the customers to withdraw their funds before 30 April and close all kinds of trade orders within this time frame.
Now it will be interesting to see the next step by the Binance crypto exchange, whether they will secure registration with the Indian authorities or just take the decision to quit the Indian crypto market.
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