FET - Binance Fined $2.25M By India's Financial Intelligence Unit For Anti-Money Laundering Violations (UPDATED) | Benzinga
Editor’s note: This story has been updated with comments from Binance.
India’s Financial Intelligence Unit (FIU) has levied a fine of 188.2 million rupees ($2.25 million) on Binance, the world’s largest cryptocurrency exchange, for violating local anti-money laundering regulations.
What Happened: The Indian government mandates that virtual digital asset service providers, including crypto exchanges, must register with the FIU as reporting entities and adhere to its stringent anti-money laundering policies.
Binance has responded to Benzinga’s request for comment with the following statement:
“We are aware of the FIU’s order and are reviewing it now to determine next steps. We are grateful to have the opportunity to continue our mission to serve the vibrant Indian crypto community. We wish to work with the FIU as a reporting entity and we are enthusiastic about reentering the Indian market to contribute ...