to Binance, He was ordered to pay a fine of 188.2 million Indian Rupees ($2.25 million) by the Indian Financial Intelligence Unit (FIU) for violating the country’s Prevention of Money Laundering Act.
Binance Ordered to Pay $2.25 Million in Fines by the Indian Financial Oversight Authority
The FIU imposed the fine on Wednesday, saying Binance failed to comply with India’s anti-money laundering (AML) regulations.
The regulator had previously issued a notice to Binance in December 2023, asking the exchange to justify its actions and explain why it should not face penalties for providing services to local customers and operating in India without proper registration under AML laws.
In addition to the fine, the FIU directed Binance to ensure strict compliance with India’s AML regulations going forward.
This directive comes as Binance is reportedly trying to re-enter the Indian market after being banned by Indian regulators in January.
As of now, Binance has not responded to requests for comment regarding the FIU’s decision.
The fine and compliance directives highlight the ongoing regulatory challenges faced by cryptocurrency exchanges globally as authorities tighten their controls on digital assets to prevent money laundering and other financial crimes.
*This is not investment advice.
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