India’s Financial Intelligence Unit (FIU) has fined Binance $2.25 million (Rs 188.2 million) for failing to comply with anti-money laundering (AML) regulations. The fine reflects Binance’s alleged non-compliance with local AML requirements and marks a major regulatory challenge for the leading cryptocurrency exchange.
India requires cryptocurrency exchanges and other virtual asset service providers to register with the FIU as reporting entities and adhere to strict AML guidelines. Binance’s failure to register and comply with these regulations led to the fine. The move is part of India’s broader efforts to tighten control over the cryptocurrency market and follows actions by the FIU against several offshore exchanges for similar violations.
Source: Twitter
Binance’s regulatory issues are not limited to India. In May, Canada’s anti-money laundering agency fined Binance $4.38 million for similar anti-money laundering violations. In addition, Binance’s former CEO Changpeng Zhao faced legal consequences in the United States and was sentenced to four months in prison for money laundering violations.
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