The Financial Intelligence Unit (FIU) of India has fined Binance, the biggest cryptocurrency exchange in the world, 188.2 million rupees ($2.25 million) for operating in the country in violation of local anti-money laundering legislation.
The largest cryptocurrency exchange in the world, Binance, has been fined 188.2 million rupees ($2.25 million) by India’s Financial Intelligence Unit (FIU) for operating in the nation under local anti-money laundering laws. India mandates that suppliers of virtual digital asset services, such as cryptocurrency exchanges, register as reporting entities with the FBI and abide by its anti-money laundering regulations.
Following the FIU’s show-cause notices to nine offshore exchanges operating outside of local regulations, Binance registered with the agency in May in an attempt to continue operations within the nation. Additionally, the watchdog had requested that the ministry of electronics and information technology disable the exchanges’ online access. Although KuCoin, a cryptocurrency exchange, registered with the FIU in March, it was only fined 3.45 million rupees. In May, Binance was fined $4.38 million by Canada’s anti-money laundering agency for breaking anti-money laundering regulations.
After admitting guilt to breaking the nation’s anti-money laundering rules, Changpeng Zhao, the former CEO of Binance, was sentenced to four months in jail by U.S. District Judge Richard Jones in Seattle in May.
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