After receiving the approval of the Financial Intelligence Unit ( FIU) of India, offshore crypto currency exchanges Binance and Kucoin have successfully registered for trading in India. As per reports from Bitcoin.com, offshore currency exchange companies have registered themselves as virtual asset service providers (VASPs). Both crypto exchanges along with seven other crypto service providers were banned on January 1, 2024, in India due to money laundering activities and non-compliance with India's crypto laws.