JAKARTA - Two digital asset exchange giants, Binance and KuCoin, have been officially registered as providers of virtual digital asset services (VDASP) in the country. This move is considered an important turning point that demonstrates India's readiness to welcome innovation and growth in the crypto sector.
After being blocked by the Financial Intelligence Unit of India (FIU IND) at the end of last year, Binance and KuCoin have now received the green light to operate again in India. KuCoin, quickly completed its obligations by paying a fine of 41 thousand US dollars (around Rp657.64 million), has continued its operations.
Meanwhile, Binance is still in the process of completing compliance procedures and is expected to pay a fine of up to 2 million US dollars (around Rp32.08 billion) for an operational license.
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The official announcement from FIU IND has opened the door for Binance and KuCoin to compete in the wide and potential Indian crypto market. Their presence is expected to bring fresh air and increase investor confidence in the crypto market in India.
With the return of Binance and KuCoin, the original cryptocurrencies of these two exchanges, BNB and KCS, are expected to gain positive momentum. The price of BNB, which on Friday stood at around $595, has seen an increase of 5.3% in the past week. Meanwhile, KCS also showed an increase of more than 6.6% and traded around $10.5 (approximately IDR 168.42 thousand).
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