Odaily News India’s Financial Intelligence Unit is reviewing four offshore cryptocurrency exchanges to explore the possibility of resuming operations of other crypto exchanges following the lifting of the ban on Binance and Kucoin. The focus is on ensuring compliance with anti-money laundering regulations, including transaction transparency and reporting of suspicious activities. . A source familiar with the review process told a local news agency: "We have received applications from four more offshore cryptocurrency exchanges to operate in India and we believe that at least two of them will be allowed to resume operations before the end of FY25." The source also said that this will be after a thorough review of transaction visibility, suspicious transaction reporting (STR) and other related issues. The official further explained that India's Financial Intelligence Unit focuses on ensuring compliance with anti-money laundering regulations before issuing a license, stressing that "We will allow any cryptocurrency exchange to operate in India only after completing due diligence. We are very strict about compliance requirements." (news.bitcoin)