Binance Fined Rs 18.82 Crore by Indian FIU; Resumes Crypto Ops

On June 19, the largest cryptocurrency exchange Binance was fined Rs 18.82 crore by the Financial Intelligence Unit in India (FIU-IND).

This occurs several months after nine offshore exchanges in India were shut down for failing to register and adhere to local anti-money laundering regulations as per the Prevention of Money Laundering Act (PMLA) 2002.

The most recent update stated that the Director of FIU-IND confirmed the charges against Binance after reviewing their written and oral submissions.

Binance was required to pay a penalty of Rs, according to the report. Rupees Eighteen Crore Eighty Two Lakh Only is equivalent to 18,82,00,000 rupees. Moreover, Binance has been required to adhere closely to "Chapter IV of the PMLA 2002, along with the PMLA Maintenance of Record Rules (PMLA Rules) of 2005 for the prevention of money laundering activities and combating the financing of terrorism (AMLCFT) in order to keep records of all transactions."

In the previous month, Vivek Aggarwal, who is the Director of FIU-IND and an Additional Secretary in the Department of Revenue of the Government of India, mentioned that Binance had finished its initial registration in the country and was under review for additional compliance actions.

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