As a seasoned crypto investor with a deep understanding of the Indian market, I’m thrilled to see Binance and KuCoin making their comeback into the Indian crypto scene. The Indian crypto market is one of the most promising and significant in the world, with a massive population already invested in digital assets.
Towards the end of last year, the Indian authorities, specifically the Financial Intelligence Unit India (FIU IND), took action and prohibited access to nine cryptocurrency exchanges based outside of India. Notable among them were Binance Holdings Ltd, KuCoin, Huobi, and Kraken. However, recent developments indicate that these blocked offshore crypto exchanges are undergoing a registration process initiated by the Indian government.
As a crypto investor, I’m excited to share that on Friday, FIU IND made an announcement that Binance and KuCoin have been registered as Virtual Digital Asset Service Providers (VDASPs) in India. This means both these cryptocurrency exchanges are now officially competing for the Indian market.
Binance has not finished dealing with its regulatory compliance matters, resulting in the unpaid penalty. Previously reported by Coinspeaker, Binance is open to paying a fine of approximately $2 million to the Indian authorities for the privilege of operating legally within the country.
As a researcher, I’ve come across the following statement from Vivek Aggarwal, the head of FIU: “Binance has undergone registration, but the compliance proceedings are ongoing as the determination of the penalty amount, which I will decide during an upcoming hearing, still remains.”
Alternatively, KuCoin has paid a fine of approximately $41,000 to the Indian authorities and restarted its services in India. Meanwhile, the Indian government is reevaluating potential infringements by other overseas cryptocurrency platforms such as Kraken, Gemini, and Gate.io.
As a researcher studying the cryptocurrency exchange landscape, I’ve come across recent developments where Bitstamp and OKX have announced their intentions to withdraw from India’s market.
Direct Implications of Binance and KuCoin’s Reentry into the Indian Market
India stands out as a highly attractive cryptocurrency market globally, boasting a large population actively involved in digital assets. The Indian government’s firm regulatory stance on cryptocurrencies has piqued the interest of numerous offshore web3 companies, leading them to consider expanding their operations into this vibrant market.
The return of Binance and KuCoin to India’s crypto market signifies a paved way for other offshore web3 companies to follow suit. This move by the Indian regulatory body suggests a more welcoming stance towards the crypto industry than what was formerly believed.
I’ve noticed a shift in the Central Bank of India’s stance towards the cryptocurrency industry. In contrast to a few years ago, they have become less vocal in their criticisms.
The arrival of Binance and KuCoin in India’s cryptocurrency scene is expected to significantly influence the performance of their native tokens. In particular, the increasing acceptance of Binance Coin (BNB) within India could strengthen its bullish outlook.
Based on current market figures, the value of BNB was approximately $595 on Friday, marking a 5.3% increase over the past week. With a total valuation of roughly $91 billion at full dilution, this significant altcoin is poised to reach a new peak price soon if its bullish trend persists.
Alternatively, over the past week, KuCoin’s native token KCS has experienced a growth of approximately 6.6 percent and was valued around $10.5 by Friday’s market close.
Read More
Sorry. No data so far.
2024-05-10 17:09