Key Takeaways:
- India’s Financial Intelligence Unit (FIU) fined Binance 188.2 million rupees ($2.25 million) for AML violations.
- Binance has faced similar regulatory issues globally, including fines in Canada and detentions in Nigeria for compliance failures.
- Despite conditional approval to operate in India, Binance continued non-compliance with AML regulations.
India’s Financial Intelligence Unit (FIU) has fined Binance 188.2 million rupees ($2.25 million) for failing to comply with the country’s Anti-Money Laundering (AML) regulations.
The fine follows a review of submissions from Binance’s director and company records, highlighting multiple violations of the Prevention of Money Laundering Act (PMLA), 2002.
India financial watchdog imposes $2.25 million penalty on crypto exchange Binance https://t.co/dSCMPp6BcS pic.twitter.com/bfMuDEgbv3
— Reuters Business (@ReutersBiz) June 20, 2024
These violations include not maintaining and reporting transaction records, not providing required information to authorities, and not preserving records.
₿🪙 World’s largest crypto exchange #Binance has been fined by the Financial Intelligence Unit (#FIU) in India for violation of norms.
— Business Today (@business_today) June 20, 2024
➡️ FIU has imposed a fine of $2.25 million on Binance for violating anti-money laundering regulations.
Read More: https://t.co/V2LmKbAn8S pic.twitter.com/JF7YumvjMf
In January 2024, Indian authorities issued notices to Binance and other offshore crypto exchanges, banning them for operating illegally.
BINANCE FINED $2.25M BY INDIA’S FINANCIAL WATCHDOG FOR AML VIOLATIONS
— BSCN (@BSCNews) June 20, 2024
– India’s Financial Intelligence Unit (FIU) has ordered Binance to pay 188.2 million Indian Rupees ($2.25 million) in penalties for violating the country’s Prevention of Money Laundering Act.
– This follows a… https://t.co/9LU8v4uAJV pic.twitter.com/lUx6qr6Ldy
Despite receiving conditional approval to operate in May, contingent on paying a penalty, Binance was found to have continued its non-compliance.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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