India financial watchdog imposes Rs 18.82 crore penalty on BinanceIndia's Financial Intelligence Unit (FIU) imposed a fine of Rs 188.2 million on Binance violation of local anti-money laundering regulations.
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Smartphone with displayed Binance logo.
Credit: Reuters Photo
Mumbai: India's Financial Intelligence Unit (FIU) imposed a fine of Rs 18.82 crore ($2.25 million) on Binance, the world's largest crypto exchange, for operating in the country in violation of local anti-money laundering regulations.
In May, Binance had registered with the FIU as the exchange sought to resume operations in the country after being issued a show-cause notice by the financial watchdog in December 2023, along with eight other offshore exchanges that were operating in violation of local rules. ($1 = 83.4970 Indian rupees)