$BNB $BTC $$ETH $Good news.Cryptocurrency exchanges Binance and Kucoin have successfully registered with India’s Financial Intelligence Unit as Virtual Asset Service Providers (VASPs), a top official has reportedly confirmed. Both crypto exchanges were previously banned in India due to violations of the country’s anti-money laundering regulations.
Kucoin and Binance Registered With FIU India
The Financial Intelligence Unit – India (FIU-IND) has reportedly approved offshore cryptocurrency exchanges Binance and Kucoin to operate in the country as Virtual Asset Service Providers (VASPs). FIU-IND Director Vivek Aggarwal told reporters on Friday:
So Kucoin and Binance have got registered with FIU India … We are now having a full visibility of transactions that we need and the STR (suspicious transaction report) submission process will start soon.
This development followed Kucoin’s successful resolution of prior non-compliance issues, which led to the imposition of a fine of Rs 35.5 lakh (approximately $43,000) and the lifting of its website ban. Meanwhile, the penalties for Binance are still being calculated following a temporary ban imposed earlier this year for regulatory violations. Previously, Binance was expected to re-enter the Indian crypto market after paying a fine of $2 million.
The Indian government directed the Ministry of Electronics and Information Technology to bar access to offshore cryptocurrency exchanges deemed illegal within the country in December last year. The nine affected crypto platforms included Binance, Kucoin, Huobi, Kraken, and Bitfinex.
Aggarwal explained that offshore cryptocurrency exchanges are not required to establish separate business entities in India. However, “there has to be a principal compliance officer who gets registered with FIU, India, and whose address and details are available to FIU for interacting,” he clarified. Currently, the FIU-IND oversees 47 entities involved in cryptocurrency trading or management in India.
According to CryptoPotato, the meme coin sector experienced a significant surge on May 3, with its market capitalization surpassing $50 billion. Notable performers in this sector include Dogecoin (DOGE) and Shiba Inu (SHIB), which saw daily increases. However, other assets such as WIF and POPCAT registered even more substantial gains. The cryptocurrency market overall returned to green territory after several days of substantial losses. Bitcoin (BTC) briefly surged to $60,000, while Ethereum (ETH) reclaimed the $3K level. The meme coin sector, however, saw an even more significant revival, with numerous assets outperforming the aforementioned leaders. Some examples include the frog-themed Pepe (PEPE) and the Solana-based dogwifhat (WIF) and Bonk Inu (BONK), all of which spiked by double digits on a daily scale. Another meme coin that experienced even more$BTC $DOGE $PEPE
BTC halving just completed and BTC corrected by 10-15%, causing people's sentiment to turn bearish again. Alts corrected as expected. I was expecting a 20% correction, but it turned out to be 30-32%. The market always corrects after halving and removes these weak hands from the market; it's normal in every cycle. As always, these weak hands can't catch the bottom. People know how the cycle works, but they still panic. Keep in mind the sideways movement before a big rally. Zoom out and watch the higher time frame. Don't worry, let me analyze it for you. That's how people always panic at the bottom and FOMO at the top. Q2 Sideways. Q3 & Q4 Expention Weekly Candle body close above 58940 = Bullish SFP And bullish Po3 and Resume Pump Weekly body close below 58940 = Develop Range and accumulation & will fill monthly VOID before expansion. LONG TERM BIAS = BULLISH$BTC
ETHEREUM CHARTS WHISPER BULLISH POTENTIAL 🔥 Ethereum $ETH is taking a breather after a strong surge, finding support in a newly discovered range between $2,850 - $2,870. This could be a launchpad for the next leg up, with potential resistance at $3,250 - $3,275 in the coming days. Here's why this might be #Bullish 🚀 Support Established: The $2,850 - $2,870 range could act as a springboard for further price increases. Resistance in Sight: The $3,250 - $3,275 area presents a clear target for bulls to aim for. Altcoin Boost: Declining #ETH dominance may signal potential growth for alternative cryptocurrencies alongside ETH's rise What's Your opinion on This.$ETH #