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India’s Financial Intelligence Unit (FIU) has imposed a 188.2 million rupees ($2.25 million) fine on crypto exchange Binance for providing services to Indian clients without India’s Financial Intelligence Unit (FIU) slapped an 88.2 million rupees ($2.25 million) fine on Binance allowing its residents access to its service without observing anti India’s Financial Intelligence Unit (FIU) has fined Binance, the world’s largest cryptocurrency exchange, $2.25 million for allegedly operating in the country without Cryptocurrency exchange Binance has been fined $2.25 million by India’s Financial Intelligence Unit (FIU) for allegedly violating the country’s Prevention of Money Binance has been fined $2.25 million by the Financial Intelligence Unit (FIU) of India. The exchange is accused by the FIU of breaking the country’s Prevention of Money

Binance Fined $2.25 Million by Indian Financial Authorities: Major Regulatory Action

Cryptocurrency exchange Binance has been fined $2.25 million by India’s Financial Intelligence Unit (FIU) for allegedly violating the country’s Prevention of Money Laundering Act (PMLA). This marks a significant development in the ongoing regulatory landscape for crypto platforms operating in India.

The news follows reports that India’s Financial Intelligence Unit (FIU) has imposed a 188.2 million rupees ($2.25 million) fine on crypto exchange Binance for providing services to Indian clients without adhering to the necessary compliance standards. The FIU's action underscores the increasing scrutiny faced by crypto exchanges in ensuring they comply with local regulations.

India’s Financial Intelligence Unit (FIU) slapped an 88.2 million rupees ($2.25 million) fine on Binance allowing its residents access to its service without observing anti-money laundering (AML) regulations. This highlights the FIU's commitment to safeguarding the Indian financial system from illicit activities linked to cryptocurrencies.

Specifically, India’s Financial Intelligence Unit (FIU) has fined Binance, the world’s largest cryptocurrency exchange, $2.25 million for allegedly operating in the country without proper registration and compliance with Indian laws. This failure to register and adhere to AML guidelines triggered the penalty.

The penalty comes as Binance has been fined $2.25 million by the Financial Intelligence Unit (FIU) of India. The exchange is accused by the FIU of breaking the country’s Prevention of Money Laundering Act (PMLA). The FIU alleges that Binance failed to comply with KYC (Know Your Customer) and AML requirements, posing a potential risk to the Indian financial system.

This significant fine serves as a clear warning to other cryptocurrency exchanges operating in India that compliance with local regulations is paramount. It remains to be seen how Binance will respond to the fine and what steps they will take to ensure full compliance with Indian laws in the future.

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