Mumbai, June 20, 2024 — The Financial Intelligence Unit (FIU) of India has imposed a hefty fine of ₹188.2 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 local 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.

Binance logo in Indian rupee colors

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.

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