India fines Binance $2.2 million for failing to comply with money laundering prevention regulations

This site (120Btc.coM): India’s anti-money laundering agency announced on Thursday that it has fined Binance more than 188 million Indian rupees (approximately US$2.2 million) for failing to comply with the " Provide services to Indian customers under the Money Laundering Prevention Act.

India’s Financial Intelligence Unit (FIU) sent compliance notices to 9 unregistered cryptocurrency exchanges including Binance, Kucoin, and Huobi in December last year, accusing these exchanges of "illegal operations" in the local area and suspected violations of the Money Laundering Prevention Act. Law, and the apps of these exchanges were subsequently removed from the Indian App Store.

However, Binance and KuCoin were allowed to return to the Indian market in May this year, on the condition that they pay fines after attending a hearing held by the Indian authorities, which means that Binance must now comply with local laws and regulations, including the Money Laundering Prevention Act (PMLA) and Virtual Digital Assets (VDA) tax framework.

India’s Financial Intelligence Unit mentioned in an announcement on June 19: “After evaluating Binance’s written and oral statements, based on the available information, the Director of FIU is of the opinion that the charges against Binance are substantiated.”

Therefore, the FIU Director ordered a total fine of approximately US$2.2 million to be imposed on Binance and issued specific instructions to ensure that Binance complies with relevant obligations.

Dilip Chenoy, Chairman of the Web3 Association of India, said: "We call on all industry players to strictly comply with the relevant laws on anti-money laundering (AML) and combating the financing of terrorism (CFT)."

As of the time of writing, Binance has not immediately responded to the media Request for comment.

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