Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
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

The Animoca brand invests in a nice cat

August 11, 2025

Vitalik Buterin regains the title of ‘Onchain Billionaire’, where ether reaches $ 4.2K.

August 10, 2025

Did you miss the TRON ‘S (TRX) 100X? Ruvi AI (Ruvi)

August 9, 2025
Add A Comment

Comments are closed.

Recent Posts

FLOKI’s Valhalla MMORPG Storms U.S. Television With 60-Day National Commercial Blitz

August 11, 2025

A Global Initiative To Transform Crypto Education From The Ground Up

August 11, 2025

Cango Inc. Acquires 50 MW Bitcoin Mining Facility In Georgia, Laying Groundwork For Future Energy Strategy

August 11, 2025

SIM Mining Cloud Mining Allows Global Investors To Easily Earn BTC And DOGE Profits Using Just Their Smartphones (daily Income Of $23,999 USD)

August 11, 2025

MultiBank Group Delivers Record H1 Results With $209M Revenue And MBG Token Driving 7X Returns Since Launch.

August 11, 2025

The Animoca brand invests in a nice cat

August 11, 2025

Is Alt Season finally here, just as Ether Lee’s tearing and a small cap follows?

August 11, 2025

Flareonix airdrop is live! Under the share of 100m FXP today!

August 11, 2025

Carv can be used for transactions!

August 10, 2025

Ethereum (ETH), SEI (Sei), and Bonk (Bonk) gathered in July, but one token is prepared to dominate next.

August 10, 2025

Floki and OnDo expand their profits as Robinhood Listing strengthens.

August 10, 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

FLOKI’s Valhalla MMORPG Storms U.S. Television With 60-Day National Commercial Blitz

August 11, 2025

A Global Initiative To Transform Crypto Education From The Ground Up

August 11, 2025

Cango Inc. Acquires 50 MW Bitcoin Mining Facility In Georgia, Laying Groundwork For Future Energy Strategy

August 11, 2025
Most Popular

Judge Dismisses Consensys Lawsuit Against SEC Over MetaMask and Ethereum Claims

September 19, 2024

‘Good Day for Defi’ -DC’s fast encryption policy shift

March 14, 2025

Private key – create offline paper wallet

April 6, 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.