India's cryptocurrency industry is witnessing a significant development, as four offshore crypto exchanges have submitted petitions to the Financial Intelligence Unit (FIU) seeking permission to restart their operations in the country. This move comes after global crypto exchanges Binance and KuCoin received approval from the financial regulator to resume their operations in India, despite previous bans for non-compliance with anti-money laundering policies.

The fresh requests from the four crypto exchanges indicate a growing interest in India's crypto market, which has been subject to stringent regulations in the past. The FIU has received the petitions and is expected to review them shortly. While the identities of the new applicants have not been disclosed, the development is seen as a positive sign for the Indian cryptocurrency industry.

India currently has 46 registered crypto companies, with the approvals of KuCoin and Binance set to bring the total to 48. The country has been actively working to integrate the cryptocurrency industry into its banking system, with the government demanding that cryptocurrency companies collect Know Your Customer (KYC) details and register with the FIU. This move aims to establish a regulatory and monitoring framework for the crypto sector.

The renewed interest in India's crypto market is a testament to the country's efforts to create a conducive environment for cryptocurrency businesses. As the industry continues to evolve, it is likely that more exchanges will seek approval to operate in India, leading to increased adoption and growth in the market.