Binance ordered to pay $2.25 million fine by India’s financial watchdog
Quick Take
- Binance has been ordered to pay a fine of $2.25 million by India’s Financial Intelligence Unit.
Binance has been ordered to pay 188.2 million Indian Rupees ($2.25 million) in penalties by India’s financial watchdog.
The Financial Intelligence Unit imposed the fine on Binance in an order dated Wednesday for violating the rules under the country’s Prevention of Money Laundering Act.
The regulator said that it issued a notice in December 2023, “compelling Binance to demonstrate why appropriate action should not be undertaken against it” — seemingly for the exchange’s prior services to local clients and operations within India without registering under the country’s anti-money laundering (AML) regulations.
The FIU added that it has sent specific directions to Binance to ensure diligent compliance with the country’s AML laws.
Binance is reportedly looking to re-enter the Indian market after being banned by Indian regulators in January.
Binance did not immediately respond to The Block’s request for comment.
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