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Crime and Investigations

Binance Fined $2.2 Million for Non-Compliance with Indian AML Rules

Binance Fined $2.2 Million for Non-Compliance with Indian AML Rules

Binance, the world's largest cryptocurrency exchange, has been fined roughly $2.2 million (18.82 crore INR) for providing services to Indian clients without following the country's anti-money laundering (AML) regulations, India's AML unit announced on Thursday.

In January 2024, Indian authorities issued showcause notices to Binance and several other offshore cryptocurrency exchanges, eventually removing them from the Indian market for operating illegally.

However, Binance and KuCoin became the first offshore crypto entities to gain conditional approval from India’s Financial Intelligence Unit (FIU) in May, following a hearing and agreement to pay penalties.

The FIU stated, “After reviewing the written and oral submissions from Binance, the Director of FIU-IND found the charges against Binance to be substantiated.”

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Dilip Chenoy, Chairman of the Bharat Web3 Association, emphasized the importance of compliance: “We urge all industry participants to strictly adhere to laws related to AML and combating the financing of terrorism (CFT).”

As a result, the FIU-IND Director imposed a total penalty of approximately $2.2 million on Binance, along with specific instructions to ensure strict compliance with AML obligations.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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