🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Crypto exchange Binance to pay Rs 18.82 cr fine to restart India operations

Published 20-06-2024, 05:30 pm
© Reuters.  Crypto exchange Binance to pay Rs 18.82 cr fine to restart India operations
BNB/USD
-

New Delhi, June 20 (IANS) Leading blockchain and cryptocurrency platform Binance will be required to pay Rs 18.82 crore fine to restart operations in India. The Financial Intelligence Unit (FIU) has imposed this penalty on the company for operating in the country in violation of domestic anti-money laundering regulations.

"After considering the written and oral submissions of Binance, the Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated," a notification by FIU said on Thursday.

"Furthermore, specific directions have also been issued to Binance to ensure diligent compliance with the obligations outlined in Chapter IV of the Prevention of Money Laundering Act (PMLA) of 2002, in conjunction with the PMLA Maintenance of Record Rules (PMLA Rules) of 2005 for the prevention of money laundering activities and combating the financing of terrorism (AMLCFT)," it added.

Binance registered with the FIU in May as it sought to resume operations in the country. This came after the financial watchdog issued a show-cause notice in December 2023, along with eight other offshore exchanges that were operating in violation of local rules.

The crypto exchange was barred from operating in India for not complying with local regulations, as part of the financial watchdog's crackdown on offshore crypto exchanges operating in the country without registration.

Meanwhile, rival crypto exchange KuCoin got fully registered and became operational after paying a fine of Rs 34.5 lakh.

--IANS

shs/rad

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.