India fines Binance $2.25 million for crypto anti-money laundering violations
India's Financial Intelligence Unit (FIU-IND) has imposed a penalty of 188.2 million rupees ($2.25 million) on the world's largest cryptocurrency exchange, Binance, for violating the country's anti-money laundering regulations.
According to the order dated June 19, 2024, Binance, as a registered Virtual Digital Asset Service Provider (VDA SP) in India, was found to have contravened several sections of the Prevention of Money Laundering Act (PMLA), 2002, and its associated rules.
The FIU-IND stated that Binance's ongoing provision of services to Indian clients and operations within the country were carried out without adhering to its statutory obligations under the PMLA. This led to the issuance of a notice to Binance in December 2023, compelling the exchange to demonstrate why appropriate action should not be taken against it for its dereliction of duties.
After considering Binance's written and oral submissions, the FIU-IND Director found the charges against the exchange to be substantiated.
In addition to the monetary penalty, the FIU-IND has also issued specific directions to Binance to ensure diligent compliance with the obligations and its associated rules, in order to prevent money laundering activities and combat the financing of terrorism.
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