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How will Binance respond strategically to India's FIU fine by end of 2024?
2
Resolution / Starting Odds
Increase compliance efforts • 33%
Reduce operations in India • 33%
No significant change • 33%
Official announcements from Binance or major news outlets
Story
India's FIU Fines Binance $2.25 Million, Highest Ever for AML Violations
Jun 20, 2024, 06:10 AM
India's Financial Intelligence Unit (FIU) has imposed a penalty of Rs 18.82 crore ($2.25 million) on Binance, the world's largest cryptocurrency exchange, for violating the country's anti-money laundering regulations. The fine is the highest ever levied on a crypto entity in India for non-compliance with the Prevention of Money Laundering Act (PMLA). Binance had previously registered with the FIU in May as part of its efforts to resume operations in the country.
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Fines imposed • 25%
Operational restrictions • 25%
No significant actions • 25%
Other regulatory actions • 25%
Go to trial • 33%
Settle • 33%
Dismissed without trial • 33%
Launch new legal strategies • 33%
Settle out of court • 33%
Withdraw from certain markets • 33%
Yes • 50%
No • 50%
Fines imposed • 33%
Operational restrictions • 33%
No new measures • 34%
Guilty of Tax Evasion • 25%
Guilty of Money Laundering • 25%
Guilty of Both • 25%
Not Guilty of Both • 25%
Fully compliant • 25%
Partially compliant • 25%
Non-compliant • 25%
Unclear status • 25%
Fine • 25%
License Revocation • 25%
Operational Restriction • 25%
No Action • 25%
Dismissal of all charges • 25%
Settlement reached • 25%
Partial charges upheld • 25%
All charges upheld • 25%