India’s Financial Intelligence Unit (FIU) has imposed a fine of 188.2 million rupees ($2.25 million) on Binance, the world’s largest cryptocurrency exchange, for non-compliance with local anti-money laundering (AML) regulations. This is the highest ever fine imposed on any crypto entity for non compliance to AML laws in India.
According to Indian regulations, virtual digital asset service providers, including crypto exchanges, are required to register with the FIU as reporting entities and adhere to its AML rules. Binance’s failure to comply with these requirements led to the substantial penalty. The exchange has not yet responded to requests for comment regarding the fine.
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Update from FIU – India
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