FIU of India May Approve Additional Offshore Crypto Exchanges by Early 2025

India's Financial Intelligence Unit (FIU) is in the process of reviewing four offshore cryptocurrency exchanges for potential approval to resume operations by March 2025. This follows the recent lifting of bans on major platforms Binance and Kucoin.

A source familiar with the review process revealed, "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 end FY25." The review will focus on transaction transparency, suspicious transaction reporting (STR), and compliance with anti-money laundering regulations.

FIU-India has emphasized the importance of compliance, with a spokesperson stating, "Only after complete due diligence, will we allow any crypto exchange to operate in India. We are very strict about compliance." Recently, Binance and Kucoin were authorized to operate in India as Virtual Asset Service Providers (VASPs) after resolving non-compliance issues and paying fines.