Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»TRADING NEWS»Binance fined $2.25 million by India for AML violations
TRADING NEWS

Binance fined $2.25 million by India for AML violations

By Crypto FlexsJune 21, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Binance fined .25 million by India for AML violations
Share
Facebook Twitter LinkedIn Pinterest Email

According to the latest cryptocurrency news, India’s Financial Intelligence Unit (FIU) has imposed a hefty fine of 188.2 million rupees ($2.25 million) on cryptocurrency exchange Binance. The penalty arises due to the exchange’s failure to comply with the country’s anti-currency policy.

AML (laundering) regulations are an important component of the Prevention of Money Laundering Act, 2002 (PMLA). The decision, announced on June 19, 2024, highlights the growing scrutiny and regulatory pressure on cryptocurrency platforms operating within India.

What is the case about?

Binance, which operates as a virtual digital asset service provider, is classified as a reporting entity (RE) under Section 2(as)(vi) of the PMLA. This classification mandates the maintenance and reporting of transaction records and the implementation of strong AML measures.

However, the FIU’s investigation found that Binance failed to comply with these obligations while providing services to Indian customers. The investigation into Binance’s operations is not a sudden development. Indian authorities have been wary of the activities of offshore cryptocurrency exchanges, which were accused of “illegal operations” in January 2024.

Show cause notices have been issued to Binance and several other exchanges, banning them from operating in India. Nonetheless, in May 2024, Binance and KuCoin became the first offshore cryptocurrency companies to obtain conditional approval from the FIU on the condition of paying a fine after a hearing.

Violations and Regulatory Actions

The FIU’s recent announcement confirmed that the allegations against Binance were substantiated based on records and submissions made by Binance’s directors.

The investigation identified multiple violations by Binance, including failure to maintain and report transaction records, failure to provide required information to authorities, and failure to retain records as required by PMLA.

These violations indicate gross negligence in complying with India’s AML regulations, which are designed to prevent financial crimes such as money laundering and terrorist financing.

The FIU’s enforcement action highlights the importance of strict compliance with AML norms, especially for businesses dealing with virtual digital assets. This move by the FIU is part of a broader regulatory effort to ensure that cryptocurrency exchanges operate within the legal framework established to protect the financial system.

Global Regulatory Investigations

Binance’s regulatory issues are not limited to India. In May 2024, the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) fined Binance $4.4 million. Canadian regulators noted that the exchange did not register as a foreign currency services business and did not report large transactions in digital assets, particularly those exceeding $10,000.

Binance appealed these claims, arguing that it complied with AML and terrorist financing regulations. Moreover, in February 2024, Nigerian authorities detained two Binance executives on charges of tax evasion and money laundering.

These incidents highlight the increasing global scrutiny Binance is facing from regulators in multiple jurisdictions. The exchange’s repeated clashes with regulators highlight the challenges global cryptocurrency platforms face in navigating a complex and diverse regulatory environment.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

TOKEN2049 Singapore stops all records with the world’s largest Web3 event with 25,000 attendees in unprecedented demand.

September 3, 2025

Korean sleeves cut Tesla and pivot with encryption stocks.

September 2, 2025

NFT sales in August increased 2.78% in July 2025

September 1, 2025
Add A Comment

Comments are closed.

Recent Posts

Cardano founder says Chainlink quotes ‘ridiculous price’ to them.

September 3, 2025

Acurast launches ‘Staked Compute’ and challenges AWS, Azure and Google Cloud using the distributed smartphone network.

September 3, 2025

Solana-packee blockchain manually spreads

September 3, 2025

Bybit Card Launches In Europe With Unmatched 20% Cashback

September 3, 2025

GiftlyCard.com Recognized As Verified And Secure By Independent Review Sites

September 3, 2025

Embodying “Simple Mining, Smart Gains” For Effortless Crypto Accumulation

September 3, 2025

TOKEN2049 Singapore stops all records with the world’s largest Web3 event with 25,000 attendees in unprecedented demand.

September 3, 2025

Simultaneously Mine Dogecoin (DOGE), Ripple (XRP), And SOL

September 3, 2025

Simultaneously Mine Dogecoin (DOGE), Ripple (XRP), And SOL

September 3, 2025

Cango Inc. Announces August 2025 Bitcoin Production And Mining Operations Update

September 2, 2025

BitMine Immersion (BMNR) Announces Release Of August Investor Presentation And Latest Video Message From Tom Lee, Chairman

September 2, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Cardano founder says Chainlink quotes ‘ridiculous price’ to them.

September 3, 2025

Acurast launches ‘Staked Compute’ and challenges AWS, Azure and Google Cloud using the distributed smartphone network.

September 3, 2025

Solana-packee blockchain manually spreads

September 3, 2025
Most Popular

The best AI sound generator that revolutionizes audio production

September 27, 2024

Ether Leeum price restores traction.

May 7, 2025

MetaWin Announces Innovative Tokenized Tesla Cybertruck Contest Built on Ethereum’s Native Layer 2 Blockchain

April 18, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.