Official announcement from India's Financial Intelligence Unit (FIU)

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.