• India’s Financial Intelligence Unit (FIU) fined Binance $2.25 million for non-compliance.
• Binance is the first offshore crypto exchange penalized by the FIU.
• The FIU’s action followed warnings and website restrictions for several exchanges.

India’s Financial Intelligence Unit (FIU) has fined Binance, the world’s largest cryptocurrency exchange, $2.25 million for allegedly operating in the country without complying with anti-money laundering regulations. This marks the first time an offshore crypto exchange has been penalized by the FIU.

Reportedly, Binance, along with KuCoin, has become the first offshore crypto company to be cleared by India’s FIU upon settlement.

Previously, Indian authorities warned several crypto exchanges, including Binance, KuCoin, and OKX, alleging violations of the nation’s anti-money laundering laws. After issuing notices to these exchanges, the FIU restricted them, blocking access to their websites. Following these actions, various sources commented on the matter, sharing differing views. 

While some predicted Binance’s return to India with compliance under current laws, including the Prevention of Money Laundering Act (PMLA) …

The post Binance Slapped with $2.25 Million Fine by Indian Financial Regulator appeared first on Coin Edition.

• India’s Financial Intelligence Unit (FIU) fined Binance $2.25 million for non-compliance.
• Binance is the first offshore crypto exchange penalized by the FIU.
• The FIU’s action followed warnings and website restrictions for several exchanges.

India’s Financial Intelligence Unit (FIU) has fined Binance, the world’s largest cryptocurrency exchange, $2.25 million for allegedly operating in the country without complying with anti-money laundering regulations. This marks the first time an offshore crypto exchange has been penalized by the FIU.

Reportedly, Binance, along with KuCoin, has become the first offshore crypto company to be cleared by India’s FIU upon settlement.

Previously, Indian authorities warned several crypto exchanges, including Binance, KuCoin, and OKX, alleging violations of the nation’s anti-money laundering laws. After issuing notices to these exchanges, the FIU restricted them, blocking access to their websites. Following these actions, various sources commented on the matter, sharing differing views. 

While some predicted Binance’s return to India with compliance under current laws, including the Prevention of Money Laundering Act (PMLA) …

The post Binance Slapped with $2.25 Million Fine by Indian Financial Regulator appeared first on Coin Edition.