The Financial Intelligence Unit in India (FIU-IND) has imposed a penalty of Rs 18.82 crore on the world’s largest crypto exchange Binance in an order on June 19.
This comes months after nine offshore exchanges in India were blocked for not registering and following local anti-money laundering regulations under the Prevention of Money Laundering Act (PMLA) 2002.
The latest notification said, “After considering the written and oral submissions of the Binance, Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated.”
It added that Binance had to pay a penalty of penalty of Rs. 18,82,00,000 (Rupees Eighteen Crore Eighty Two Lakh Only). Further, Binance has been asked diligently comply with "Chapter IV of the PMLA 2002, in conjunction with the PMLA Maintenance of Record Rules (PMLA Rules) of 2005 for prevention of money laundering activities and combating the financing of terrorism (AMLCFT) to maintain records of all transactions."
Responding to the development, a Binance spokesperson said, ""We are aware of the FIU's order and are reviewing it now to determine next steps. We are grateful to have the opportunity to continue our mission to serve the vibrant Indian crypto community."
