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India’s banking regulator has mandated that Binance pay penalties of 188.2 million Indian rupees ($2.25 million).
Under the Prevention of Money Laundering Act, the Financial Intelligence Unit fined the largest cryptocurrency exchange in an order dated Wednesday for rule violations.
Presumably for the exchange’s past operations within India without registering under the nation’s anti-money laundering (AML) rules, the regulator said that it sent a notice in December 2023 “compelling Binance to demonstrate why appropriate action should not be undertaken against it.”
The FIU also mentioned that it has given Binance particular instructions to guarantee careful adherence to national AML regulations.
Reportedly prohibited by Indian authorities in January, company is attempting to re-enter the Indian market.
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