#BinanceWatchdog: Binance Fined $2.2M by India’s Financial Intelligence Unit

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Binance, the world’s largest crypto exchange, has been fined approximately $2.2 million (18.82 crore INR) by India’s Financial Intelligence Unit (FIU) for non-compliance with the country’s anti-money laundering (AML) regulations, the authority announced. This is the next billion-dollar payment for Binance after the $4.2 billion settlement with US authorities in the US. Binance is also under massive pressure in Nigeria.

Earlier this year, in January 2024, Binance and several other offshore cryptocurrency exchanges were issued showcause notices by Indian authorities and subsequently removed from the Indian market for “operating illegally.” Despite these initial regulatory challenges, Binance and KuCoin became the first offshore crypto entities to gain conditional approval from India’s FIU in May. This approval was contingent upon paying a penalty after a thorough hearing with the FIU.

The FIU’s official announcement stated, “After considering the written and oral submissions of Binance, Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated.

In addition to the financial penalty, the FIU has issued specific directives to Binance to ensure diligent compliance with AML obligations. The imposed fine and accompanying directives highlight India’s rigorous approach to enforcing financial regulations within the rapidly evolving cryptocurrency sector.

CategoriesFIU India India

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