Crypto exchange KuCoin paid a fine of $41,000, while the fine for Binance has not yet been determined and the trading platform's website will remain blocked until payment is made.
Crypto exchanges Kraken and Gate.io, which have come under restrictions, are also negotiating a return to the Indian market, and the Bitstamp platform has presented an exit plan, says FIU head Vivek Aggarwal.
At the end of 2023, India introduced restrictions on the activities of foreign crypto platforms, which, according to the authorities, were operating illegally in the country. Financial intelligence demanded that access to their websites be blocked for local traders and investors. In addition to Binance and KuCoin, the blocked platforms included HTX, Kraken, Gate, Bittrex, Bitstamp, MEXC and Bitfinex.
Earlier, Indian Finance Minister Nirmala Sitharaman took a strong stance against Bitcoin and other crypto assets, saying that they cannot be considered real money.
Source: Bits
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