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Amid the ongoing trial with the Nigerian government, cryptocurrency exchange platform Binance Holdings Limited has been fined 188.2 million rupees ($2.25 million) by India’s Financial Intelligence Unit (FIU) for non-compliance with local anti-money . money laundering (AML) regulations.
A document entitled ‘Original Order No. 10/DIR/FIU-IND/2024 regarding Binance u/s Section 13 dated 19.06.2024’ by the Indian Financial Intelligence Unit (FIU), stating the fine was due to violation of its money laundering laws.
This is the highest fine ever imposed on any crypto entity for non-compliance with AML laws in India.
“Due to Binance’s continued provision of services to Indian clients and operations in India without complying with its legal obligations under the PMLA, a Notice dated December 28, 2023, was issued to Binance in accordance with Section 13 of the Act, compelling Binance to show cause. no action may be taken against the entity for neglecting its duties under the Law, even though the entity has the status of a Reporting Entity because it operates as a Virtual Digital Asset Service Provider (VDA SP).
READ ALSO:Court acquits Binance executive from FIRS tax evasion case against company
“After considering written and oral submissions from Binance, the Director of FIU-IND, based on the materials available on record, finds that the allegations against Binance have been substantiated” the FIU announcement said.
“As a result, the Director of FIU-IND” ordered the imposition of a “total fine” of approximately $2.2 million on Binance along with “specific directions to ensure diligent compliance with obligations.”
“We call on all industry players to strictly comply with laws relating to anti-money laundering (AML) and combating the financing of terrorism (CFT),” said Dilip Chenoy, Chairman of the Bharat Web3 Association.
In India, virtual digital asset service providers such as crypto exchanges must register with the FIU as reporting entities and comply with anti-money laundering rules.
In May, Binance had registered with the FIU as the exchange sought to resume operations in the country after the watchdog issued show-cause notices to nine overseas exchanges that were operating in violation of local regulations.
By: Babajide Okeowo
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