KuCoin Settles Penalty, Resumes Operations

KuCoin has already settled its compliance proceedings with the FIU by paying a $41,000 penalty. This has allowed them to resume operations in India.

Binance, on the other hand, has yet to resume operations. The exchange is currently undergoing a hearing with the FIU to determine its financial penalty. Once the penalty amount is finalized, Binance will be able to complete its compliance process and re-enter the Indian market.

Previous Ban Lifted

This news comes after Binance and KuCoin were among several offshore cryptocurrency exchanges banned by India in December 2023. Other banned entities included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

The post Cryptocurrency Exchanges Gain Foothold in India appeared first on Coin Engineer.

During a hearing in Delaware, Judge Brendan Shannon indicated that the company had received approval to repay its remaining creditors as part of the liquidation plan. This development emerged as part of the legal process following the Securities and Exchange Commission’s (SEC) allegations of operating an unregistered exchange.

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In May, Bittrex filed for Chapter 11 bankruptcy protection, influenced by the SEC’s accusations of operating an unregistered exchange. In August, the company settled with the SEC for $24 million, concluding the legal process. With the court approval, the company’s repayment plan will be implemented, initiating the liquidation process.

Although Bittrex has ceased its operations in the U.S., it continues to operate actively on a global scale. Oliver Linch, CEO of Bittrex Global, stated that Bittrex Global is still active for those seeking a regulated digital asset exchange outside the U.S., considering regulatory uncertainties.

According to data, Bittrex was once one of the largest exchanges in the U.S., holding around a 23% market share in USD support in early 2018. However, with legal processes and market changes, this share dropped to below 1% in 2021, and the company has not been able to recover since then.

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The post Bittrex Obtains Court Approval! Operations Coming to an End appeared first on Coin Engineer.