Financial Intelligence Unit Penalizes Binance $2.25 Million For Anti-Money Laundering Violations\r\n\r\n

The Financial Intelligence Unit of India (FIU-IND) has imposed a penalty of Rs 18.82 crore ($2.25 million) on Binance, the world's largest cryptocurrency exchange, for violating anti-money laundering (AML) regulations. Binance failed to comply with statutory obligations under the Prevention of Money Laundering Act (PMLA) and its rules, including maintaining records and reporting suspicious transactions. \r

As a Virtual Digital Asset Service Provider, Binance is required to adhere to AML and combating the financing of terrorism measures. The FIU-IND found Binance guilty of contravening several sections of the PMLA and its rules, including failure to maintain records and report transactions. In addition to the penalty, the FIU-IND has directed Binance to ensure compliance with AML obligations. This action follows previous warnings and restrictions on several crypto exchanges, including Binance, KuCoin, and OKX, for alleged AML violations.