Binance And KuCoin Get Approval To Trade In India; DTX Presale Shocks Investors With Soaring Momentum Amid Market Volatility
The post Binance And KuCoin Get Approval To Trade In India; DTX Presale Shocks Investors With Soaring Momentum Amid Market Volatility appeared on BitcoinEthereumNews.com.
Binance and KuCoin investors have a reason to smile as both exchanges get India’s approval. Analysts predict a price growth of 20.98% for BNB and 19.26% for KCS. Meanwhile, DTX Exchange (DTX) maintains momentum amid market volatility. Binance Successfully Navigates Regulatory Challenges Binance, a leading global cryptocurrency exchange, has secured approval to operate in India. Previously banned for non-compliance with anti-money laundering regulations, Binance faced restrictions due to its failure to adhere to the country’s financial guidelines. The ban, part of a broader crackdown on offshore crypto platforms, aimed to curb illegal trading and ensure adherence to the Prevention of Money Laundering Act (PMLA). Binance took decisive steps to regain access, including registering with India’s Financial Intelligence Unit (FIU) and appointing a principal compliance officer. After negotiations and a hearing with FIU, Binance paid US$2 billion in penalties. So, how did this development affect BNB coin price? BNB registered a price hike within one week, with BNB coin price surging from a low of $583.37 to $594.42, a 1.9% rise. Meanwhile, analysts project that BNB coin price will hit $650.88, a 9.5% increase by the end of May 2024. KuCoin’s Approval Journey KuCoin, another prominent cryptocurrency exchange, has also been allowed to resume operations in India. The exchange’s ban came as a result of KuCoin’s non-compliance with India’s stringent anti-money laundering regulations. The Indian government had previously blocked access to several offshore crypto platforms, including KuCoin, for failing to adhere to the Financial Intelligence Unit’s guidelines. In response, KuCoin took proactive measures to align with regulatory standards. The exchange paid a substantial fine of ₹35.5 lakh, approximately $41,000, and appointed a principal compliance officer to ensure compliance with the Prevention of Money Laundering Act (PMLA). Despite this latest development, KuCoin (KCS) enjoys a bullish market sentiment, surging from…
Filed under: News - @ May 16, 2024 5:12 pm