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Binance Fined $2.2 Million by India’s Financial Intelligence Unit

Posted on AllSides June 19th, 2024
From The Center

Binance, the world's largest cryptocurrency exchange, has been fined approximately $2.2 million (18.82 crore INR) for providing services to Indian clients without adhering to the nation's anti-money laundering rules, India's anti-money laundering unit announced Thursday . Binance and several other offshore cryptocurrency exchanges were issued showcause notices by Indian authorities and subsequently removed from India for "operating illegally" in January 2024. However, Binance became the first offshore crypto-related entity, along with KuCoin, to be approved by India's Financial Intelligence Unit (FIU) in May, conditional to paying a penalty after a...

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https://coindesk.com/policy/2024/06/20/binance-fined-22-million-by-indias-financial-intelligence-unit

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