– Ad –
Binance is yet again under legal fire – this time in India. The Indian Financial Intelligence Unit (FIU) has issued a penalty of $2.25 million (Rupees 188.2 million) to Binance for failing to abide by the nation’s Prevention of Money Laundering Act (PMLA), 2002.
This financial watchdog previously banned it from providing services to Indian customers through a show cause notice. Numerous offshore exchanges servicing Indian clients also received such notices.
The FIU announced on 19 June 2024 that Binance, considered a Reporting Entity (RE), failed to maintain anti-money laundering (AML) protocols while operating as a Virtual Digital Asset Service Provider (VDA SP) in India.
Indian laws dictate that crypto service providers follow the jurisdiction’s stringent AML laws. However, Binance facilitated money laundering and failed to relay mandatory transaction records to the FIU and other government agencies. It may have…
