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Crypto companies say the regulatory gap needs to be narrowed and credibility boosted

4 minutes reading Last updated: May 12, 2024 | 8:41 PM IST

The regulatory gap between crypto firms registered with the Financial Intelligence Unit-India (FIU-India) and unregistered offshore entities is expected to narrow, industry players said, after global crypto players Binance and KuCoin received approval to register with the Indian Anti-Money Laundering Unit. .

FIU-India is expected to lift the ban on Binance, the world’s largest crypto exchange, after completing its due diligence, a top government official said on Friday.

However, it had lifted the ban on another offshore crypto exchange KuCoin in March after imposing a fine of Rs 34.5 lakh.

Some industry players welcomed the regulator’s move, saying it provides the solution

First print: May 12, 2024 | 8:38 PM IST

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