Following the re-entry of Binance and Kucoin into India, four additional foreign exchanges are considering the country a promising market. They are exploring opportunities and signaling their interest.

Binance and Kucoin obtained approval from the financial regulator to resume operations after facing bans. Kucoin incurred a fine of $41,282, while Binance faced a $2 million penalty. According to the authorities, these exchanges will soon be operational again.

Currently, India has 46 certified crypto companies. This number will increase to 48 with the return of Binance and Kucoin. Other exchanges like Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex are also looking to enter the market. The bans previously imposed led users to turn to foreign exchanges, affecting the local crypto space.

Recently, Binance has suspended cash payments for crypto trading in India to demonstrate its good intentions and compliance.

India is striving to integrate the crypto sector into its financial system. In 2023, the government required all exchanges to collect Know Your Customer (KYC) data and submit it to the Financial Intelligence Unit (FIU). These regulations apply to all virtual asset service providers (VASPs) in India, aiming to incorporate crypto into the existing financial framework and establish mechanisms for tracking and regulation under the Prevention of Money Laundering Act (PMLA).

Narendra Modi, re-elected as Prime Minister, has reinstated Nirmala Sitharaman as finance minister. Her stance on cryptocurrencies is viewed with concern, but there might be changes in crypto policies.