Binance is hit with a fine of USD $2.2 million in India – DiarioBitcoin
By Hannah Perez
India’s financial watchdog fined Binance millions for failing to adhere to anti-money laundering controls.
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- Indian financial regulator imposes a million-dollar fine on Binance
- Accused the exchange of providing services in the country without due AML controls
- Binance Was Banned In India Last Year But Was Registered Recently
Binanceone of the world’s leading cryptocurrency exchanges, has taken a hit from Indian regulators.
India’s Financial Intelligence Unit (FIU), India’s financial watchdog, has ordered Binance to pay a fine of 18.82 million Indian rupees, or approximately US$2.25 million, for providing digital currency services to local customers without complying with proper anti-money laundering (AML) controls.
The Indian regulator announced the order to exchange this Thursday in a document, according to various news media. The letter details that Binance would have provided services without adhering to the Prevention of Money Laundering Act (PMLA).
The FIU noted that it had issued a notice in December 2023, “forcing Binance to demonstrate why appropriate action should not be taken against it for its negligence in carrying out its duties under the Act“.
“After considering Binance’s written and oral submissions, the Director of the IND FIU, based on the material available on the record, considered that the charges against Binance were justified“adds the statement.
Indian authorities took action against nine offshore cryptocurrency exchanges, including Binance, Huobi and Kraken which led to the closure of said platforms in the country.
Despite this, it was said that Binance was making an effort to re-enter the local market. In May, she converted along with KuCoin the first on the list to register with the FIU since the bans at the end of 2023.
The world’s largest cryptocurrency exchange took an even bigger hit in the US last year, when federal prosecutors slapped it with a historic fine of more than $4 billion to settle charges it failed to comply with local laws.
Article by Hannah Estefanía Pérez / DailyBitcoin
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