India's Financial Intelligence Unit (FIU) is reportedly planning to approve two additional offshore crypto exchanges to restart operations in the country. The FIU — responsible for Anti-Money Laundering (AML) compliance in India — is reportedly scrutinizing requests from four overseas crypto exchanges that were earlier banned for not adhering to the country's AML regulations.

Following FIU registration approvals for Binance and KuCoin, "We have received requests from four more offshore crypto exchanges to operate in India, and we assume that at least two of them will be permitted to resume operations by the end of FY25," local news media reported, quoting a source it did not identify. "This would be after undergoing a thorough review of transaction visibility, suspicious transaction reporting, and other related issues," the source added.

India's FIU had blocked access to nine foreign crypto exchange's URLs and mobile applications, including Binance, in the first week of January for failing to comply with the country's AML norms. So far, KuCoin and Binance have registered with India's FIU. OKX, on the other hand, shut its operations completely, citing regulatory burden.

Source: https://cointelegraph.com/news/fiu-india-approves-offshore-crypto-exchanges

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