Binance, the world's largest cryptocurrency exchange, is set to resume operations in India after receiving approval from the country's Financial Intelligence Unit (FIU). This development comes after Binance was among nine top crypto exchanges banned in India last December for operating without proper registration.

According to FIU officials, Binance has been granted registration approval, paving the way for its return to the Indian market. However, the exchange still needs to pay a fine, which has not been disclosed yet. Rival exchange KuCoin has already paid a $41,000 fine and is set to restart its operations in India.

The approval from FIU marks a significant milestone for Binance, which has been working to comply with Indian regulations. This move also brings Binance into compliance in one more jurisdiction, with the US and Nigeria being the remaining major hurdles.

Other crypto exchanges, such as Kraken and (link unavailable), are also seeking approval to operate in India. However, two platforms, OKX and Bitstamp, are reportedly exiting the Indian market.

The Indian government has been intensifying its crackdown on offshore crypto exchanges operating illegally in the country. In December last year, nine top exchanges, including Binance, were banned for non-compliance. The Ministry of Finance also ordered the removal of these exchanges' apps from Apple's App Store in India.

With this approval, Binance is set to resume its cryptocurrency operations in India, offering a range of services to Indian users. The exchange has been working to strengthen its compliance and regulatory framework to operate in India and other jurisdictions.