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The Financial Intelligence Unit (FIU) has put a fine of Rs 18.82 crore on Binance, the world's largest cryptocurrency exchange, for operating in India in violation of domestic anti-money laundering regulations.
Binance registered with the FIU in May as it sought to resume operations in the country after being issued a show-cause notice by the financial watchdog in December 2023, along with eight other offshore exchanges that were operating in violation of local rules.
A notification said on Thursday: "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."
"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 said.
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The Cyber Cell of DPO Jammu resolved two online financial fraud cases, recovering Rs. 1,71,896 out of Rs. 1,85,095 lost. One case involved Rs. 1,58,094 and another Rs. 27,000. Investigations are ongoing, demonstrating the district's commitment to fighting cybercrime.
— District Police Jammu (@Dis_Pol_Jammu) June 19, 2024
Binance was in December barred from operating in India for not complying with local regulations as part of the financial watchdog's crackdown on offshore crypto exchanges that were operating in the country without registration.
India requires virtual digital asset service providers, like crypto exchanges, to be registered with the FIU and comply with obligations mandated under the country's anti-money laundering rules.
While Binance has registered with the FIU, it can resume operations only after paying a penalty for previous non-compliance. This has now been fixed at Rs 18.82 crore.
The FIU had issued show-cause notices to nine offshore cryptocurrency exchanges in December 2023 for non-compliance with local rules. It asked the Ministry of Electronics and Information Technology to block online access to the exchanges.
