$2.25 million fine imposed on crypto exchange Binance by FIU India for violation of laws
This fine comes after Binance registered with the FIU in May to resume operations in the country after being issued a show-cause notice by FIU in December 2023.
Binance penalised $2.25 million by FIU India for PMLA violations
World’s largest crypto exchange Binance has been fined by the Financial Intelligence Unit (FIU) in India for violation of norms. FIU has imposed a fine of $2.25 million on Binance for violating anti-money laundering regulations.
This fine comes after Binance registered with the FIU in May to resume operations in the country after being issued a show-cause notice by FIU in December 2023, along with eight other offshore exchanges that violated local rules. These, apart from Binance included KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
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The government had ordered blocking the URLs of these exchanges in India in January, and their apps were delisted from Google and Apple app stores.
Virtual digital asset service providers must register with FIU as the ‘reporting entity’, and are obligated to adhere to the Prevention of Money Laundering Act (PMLA), 2002 regulations.
The FIU had earlier lifted its bank on KuCoin in March after imposing a penalty of Rs 34.5 lakh.
Meanwhile, Changpeng Zhao, the former chief executive of Binance, was sentenced to four months in prison after pleading guilty to violating US laws against money laundering at the world's largest cryptocurrency exchange earlier this year.
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Published on: Jun 20, 2024, 11:10 AM IST
