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Binance Fined for AML Violations: India FIU Approval

In May, Binance and KuCoin became the first offshore crypto entities to gain approval from India’s Financial Intelligence Unit (FIU), conditional on paying a penalty.

Binance Fined for AML Violations

Binance, the world’s largest cryptocurrency exchange, was fined approximately $2.2 million (18.82 crore INR) for serving Indian clients without complying with anti-money laundering (AML) regulations, as announced by India’s AML unit on Thursday.

In January 2024, Binance and other offshore cryptocurrency exchanges received showcause notices from Indian authorities and were removed from the country for operating illegally. However, Binance and KuCoin were later approved by India’s FIU in May after agreeing to pay penalties.

FIU’s Decision and Industry Call to Action

The FIU’s announcement stated, “After reviewing Binance’s submissions, the FIU Director found the charges against Binance substantiated.”

Dilip Chenoy, Chairman of the Bharat Web3 Association, emphasized, “We urge all industry participants to strictly follow AML and combating the financing of terrorism (CFT) laws.” Consequently, the FIU Director imposed a $2.2 million penalty on Binance and issued specific directions to ensure compliance with obligations.

Binance’s Response

In a statement, Binance said, “We are aware of the FIU’s order and are reviewing it to determine our next steps. We appreciate the opportunity to continue serving the vibrant Indian crypto community. We aim to work with the FIU as a reporting entity and are enthusiastic about reentering the Indian market. Our commitment to transparency, cooperation, and regulatory compliance remains steadfast.”

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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