The Indian Financial Intelligence Unit may allow more offshore cryptocurrency exchanges to operate next year

After lifting the ban on Binance and Kucoin earlier, the Financial Intelligence Unit of India (FIU-India) is reviewing applications from four offshore cryptocurrency exchanges to resume operations before March 2025. A source familiar with the review process told local news agencies: "We have received applications from another four offshore cryptocurrency exchanges to operate in India, and we believe that at least two will be allowed to resume operations before the end of fiscal year 25." The source also stated that this would happen after a thorough review of transaction visibility, Suspicious Transaction Reports (STR), and other related issues. The official further explained that FIU-India would ensure compliance with anti-money laundering regulations before granting permission, emphasizing: "Only after completing due diligence will we allow any cryptocurrency exchange to operate in India. We are very strict about compliance requirements."