Binance fined for approximately $2.2 million (18.82 crore INR) by India's FIU for not complying
Author: Chirag Sharma
Written On: Thu, 20 Jun 2024 09:01:05 GMT
Indiaâs Financial Intelligence Unit (FIU) has fined Binance, the worldâs largest cryptocurrency exchange, approximately $2.2 million (18.82 crore INR). The penalty was imposed for providing services to Indian clients without adhering to the nationâs anti-money laundering rules. This enforcement action was announced on Thursday.
Key Points:
In January 2024, Indian authorities issued showcause notices to Binance and several other offshore cryptocurrency exchanges. Subsequently, these exchanges were banned from operating in India for âoperating illegally.â This is not the first time Binance has been issued a big fine like this. They have been fined heavily by Canadian authorities in the past as well
In May, Indiaâs FIU approved Binance, along with KuCoin, as one of the first offshore crypto-related entities. However, this approval was conditional on the payment of a penalty after a formal hearing.
The FIU stated, âAfter considering the written and oral submissions of Binance, the Director, FIU-IND, found that the charges against Binance were substantiated.â
The FIU underscored the importance of compliance and urged all industry participants to strictly adhere to anti-money laundering (AML) and combating the financing of terrorism (CFT) laws. Dilip Chenoy, Chairman of the Bharat Web3 Association, emphasized, âWe call upon all industry participants to strictly adhere to laws related to AML and CFT.â
The Director of FIU-IND ordered a total penalty of approximately $2.2 million on Binance. Additionally, specific directives were given to ensure diligent compliance with legal obligations.
This significant fine highlights the importance of regulatory compliance for cryptocurrency exchanges operating in India. The Binance fined episode serves as a crucial reminder of the stringent enforcement of financial regulations in the rapidly evolving digital asset space.
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