The world’s largest cryptocurrency exchange Binance, was fined approximately $2.2 million (INR 18.82 crore) for failing to comply with India’s anti-money laundering rules. India’s money laundering unit officially announced this penalty today.
In January 2024, Binance and many other overseas cryptocurrency The stock exchange was warned by the Indian authorities on the grounds that they were “operating illegally” and were expelled from the country.
However, in May, Binance and KuCoin were re-approved by the Indian Financial Intelligence Unit (FIU) with the condition that they pay a certain penalty.
In FIU’s statement, he commented, “After evaluating the company’s written and oral defenses, the FIU-IND Director determined that the accusations against the company were confirmed based on the available evidence.” “We urge all industry participants to strictly comply with the laws regarding anti-money laundering and counter-terrorism financing,” added Dilip Chenoy, President, Bharat Web3 Association.
The FIU-IND Director decided to impose a total penalty of approximately $2.2 million on Binance and to issue specific instructions to carefully fulfill obligations.
Binance has not yet responded to CoinDesk’s request for comment.
