FIU-India will soon lift the ban on the world’s largest crypto exchange Binance

The Financial Intelligence Unit-India (FIU-India), the national body responsible for analyzing suspicious financial transactions, will soon lift the ban on the world’s largest crypto exchange Binance after completing due diligence, a top government official said on Friday .

The FIU-India lifted the ban on another offshore crypto exchange, KuCoin, in March after imposing a fine of

Rs 34.5 lakh. Vivek Aggarwal, Director of FIU-IND and Additional Secretary in the Ministry of Finance, in his very first interaction with the media, said that the Binance proceedings were still ongoing as a fine was yet to be decided. After the crypto exchange is registered with the FIU, this will happen

First print: May 11, 2024 | 12:17 pm IST