India’s Financial Watchdog Imposes ₹18.82 Crore Penalty on Crypto Exchange Binance

Mumbai, June 20, 2024 — The Financial Intelligence Unit (FIU) of India has levied a hefty penalty of ₹18.82 crore ($2.25 million) on Binance, the world’s largest cryptocurrency exchange. The penalty comes as a result of Binance operating in India in violation of domestic anti-money laundering regulations. Here are the key details:

Violation and Fine

Binance was found to be operating in India without adhering to local anti-money laundering (AML) rules.
The FIU imposed the penalty after Binance registered with them in May, seeking to resume operations in the country.
The exchange had previously received a show-cause notice from the financial watchdog in December 2023.

Impact and Compliance

The hefty fine serves as a warning to other crypto exchanges operating in India.
Binance and other offshore exchanges must now ensure strict compliance with AML regulations to avoid similar penalties.

India’s regulatory stance on cryptocurrencies remains stringent, emphasizing the need for exchanges to adhere to local laws and regulations.

Eva Lane is a dedicated crypto news writer at Crypto Quill, with a keen eye for emerging trends and developments in the world of cryptocurrency. Passionate about blockchain technology and digital currencies, Eva’s articles provide readers with timely and informative insights into the dynamic realm of crypto. With a knack for thorough research and clear communication, Eva delivers engaging content that keeps audiences informed and engaged. Count on Eva to unravel the complexities of the crypto world and bring you the latest news and analysis with precision and expertise.

By Eva LaneJune 20, 2024NewsLeave a Comment

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