Binance Fined $2.2 Million by Indian Authorities

The Financial Intelligence Unit of India (FIU) imposed a fine of 18.82 crore Indian rupees ($2.2 million) on the cryptocurrency exchange Binance for providing services to clients without adhering to national anti-money laundering regulations.

At the end of 2023, the FIU accused nine bitcoin exchanges of operating without registration and violating AML/CFT laws. Among others, Binance and KuCoin were included in the list.

Nevertheless, in May, both platforms were the first among offshore organizations to register with the agency to resume operations in the country, provided they paid the fines. KuCoin, in particular, paid $41,000.

FIU representatives confirmed the validity of the accusations against Binance and urged the company to “faithfully comply with obligations” related to anti-money laundering and counter-terrorism financing.

In May, FINTRAC imposed an administrative fine of approximately $4.4 million on Binance.

A year earlier, the bitcoin exchange announced the cessation of its activities in Canada due to stricter requirements for trading platforms in the country.