India’s Crypto Market to Expand: Two More Global Exchanges to Get Approval 

• India’s FIU is planning to approve two more offshore crypto exchanges to join Binance and KuCoin.
• The approval follows a rigorous evaluation of features, including transaction visibility and STR.
• The FIU hasn’t yet revealed the names of the exchanges under review.

India’s crypto market may soon welcome more global exchanges, signaling a potential expansion beyond current players like Binance and KuCoin, that have most recently gained approval.

Reports suggest that India’s Financial Intelligence Unit (FIU) is close to granting approval to two additional offshore exchanges. This move comes after nine previously banned foreign exchanges sought re-entry into the Indian market.

Offshore Exchanges Seek Re-entry

Nearly four offshore crypto exchanges previously banned in India due to regulatory non-compliance have requested approval from the agency. The regulators revealed that at least two of the exchanges would likely receive approval by the end of 2025, allowing them to resume operations in the country.

The approval process involves a thorough evaluation of features, including transaction visibility, suspicious transaction reporting (STR), among others th…

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