The Block Crypto News18 minutes ago

Published on June 20, 2024 06:31 GMT+00:00edited on June 20, 2024 06:34 GMT+00:00

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 …