FIU-India is expected to lift the ban on Binance, the world's largest crypto exchange, after completing due diligence, a top government official said on Friday.
It had, however, lifted the ban on another offshore crypto exchange KuCoin in March after imposing a penalty of ₹34.5 lakh.
Some industry players welcomed the move by the regulator, saying it gives the much-needed credibility boost for the crypto industry, but others are concerned that the entry of these global players may impact business.
"From an ecosystem point of view in India, when players come under a department or a regulator it is a good (move) since activities happening on the platforms are monitored," said Sumit Gupta, co-founder and CEO of CoinDCX, a crypto exchange platform.
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