Binance Penalized Rs 18.82 Crore for Money Laundering Breach

The Financial Intelligence Unit has fined Binance Rs 18.82 crore for not complying with India's anti-money laundering law. The exchange, operating as a Virtual Digital Asset Service Provider, failed to register as a reporting entity under the PMLA, prompting the penalty and further compliance directives.

In a significant regulatory move, the Financial Intelligence Unit has imposed a fine of Rs 18.82 crore on Binance, one of the largest global cryptocurrency exchanges. The penalty arises from alleged violations of India's stringent anti-money laundering legislation.

According to the order issued Thursday, the federal agency charged Binance with 'dereliction of duty' as a reporting entity. The action is part of the regulatory oversight mandated under the Prevention of Money Laundering Act (PMLA).

Documents accessed by PTI reveal that Binance received its initial notice last December for not registering as required under the PMLA. The firm's subsequent non-compliance led the FIU to impose the hefty fine, ensuring Binance will now adhere strictly to anti-money laundering regulations.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)