Binance Fined Rs 18.82 Cr for Anti-Money Laundering Violations in India
India's Financial Intelligence Unit fined Binance Rs 18.82 crore for violating anti-money laundering laws. The penalty was issued after Binance failed to register as a reporting entity and share suspicious transaction reports. The order comes after a previous penalty on another crypto platform, KuCoin.
- Country:
- India
The Financial Intelligence Unit (FIU) of India has imposed a substantial penalty of Rs 18.82 crore on Binance, the largest cryptocurrency exchange globally. The punitive action against Binance follows its alleged breach of the nation's anti-money laundering regulations.
The federal agency's decision, dated June 19, 2024, accuses Binance of neglecting its duties as a Virtual Digital Asset Service Provider (VDASP) under the Prevention of Money Laundering Act (PMLA). Specific directions have been issued to ensure the exchange's compliance with maintaining transaction records and reporting suspicious activities.
This development marks the second time a crypto exchange has been penalized; previously, KuCoin faced similar charges. Binance has yet to respond to queries from the press regarding this enforcement action.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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