The Indian government's Financial Intelligence Unit (FIU) has approved the registration applications of offshore cryptocurrency exchanges Binance and Kucoin as Virtual Asset Service Providers (VASPs) to operate in India. Kucoin, after paying a penalty of ₹35.5 lakh for past non-compliances, had its ban lifted. However, Binance's penalty amount is still being calculated. FIU guidelines require a principal compliance officer to register with FIU, India, but do not mandate offshore entities to establish a separate business in India.
