Following the earlier lifting of the ban on Binance and Kucoin, the Financial Intelligence Unit of India (FIU-India) is reviewing applications from four offshore cryptocurrency exchanges to resume operations by March 2025. A source familiar with the review process told local news agencies: "We have received applications from four more offshore cryptocurrency exchanges to operate in India and we believe at least two of them will be allowed to resume operations before the end of FY25." "This will be after a thorough review of transaction visibility, suspicious transaction reporting (STR) and other related issues," the source added. The official further explained that the Indian Financial Intelligence Unit focuses on ensuring compliance with anti-money laundering regulations before issuing licenses, stressing: "We will only allow any cryptocurrency exchange to operate in India after completing due diligence. We have very strict compliance requirements."