India’s financial watchdog issued charges against Binance after reviewing written and oral submissions from the Binance Director and available company records.
India’s Financial Intelligence Unit (FIU-IND) imposed a 188.2 million rupees ($2.25 million) fine on crypto exchange Binance for providing services to Indian clients without adhering to the nation’s Anti-Money Laundering rules.
India’s Anti-Money Laundering unit announced on Thursday, June 19, that the penalty applies to multiple violations of the Prevention of Money Laundering Act (PMLA), 2002.
Binance operates as a Virtual Digital Asset Service Provider, which qualifies it as a reporting entity (RE) under Section 2(sa)(vi) of the PMLA. This designation requires maintaining and reporting transaction records and ensuring robust Anti-Money Laundering (AML) measures.
