Binance, the world’s largest cryptocurrency exchange, has registered with India’s Financial Intelligence Unit (FIU), a senior FIU official said. The exchange was previously barred from operating in India for non-compliance with local regulations. In order to resume operations, Binance must pay a penalty for previous non-compliances. KuCoin, another offshore crypto exchange, has also registered with the FIU and resumed operations after paying a fine.
A federal judge in Washington, D.C. questions Binance’s request for dismissal in a high-profile case brought against it by the SEC. Binance is asking the judge to toss out the lawsuit alleging rule-breaking and fraud. This lawsuit is one of Binance’s final legal challenges in the U.S.
Crypto investors welcome the possibility of a resolution to the long-running US criminal investigation into major exchange Binance. The US Justice Department is seeking over $4 billion from Binance, which could be manageable for the exchange. The market expects Binance to be able to handle the settlement, sparing the crypto market from a potential sell-off. Investors believe that a resolution would remove the risk of Binance’s sudden collapse, benefiting the wider crypto market.
