Cryptocurrency

2024

Million

Read

<ul>
 <li>India’s FIU fined Binance $2.25M for AML breaches under PMLA.</li>
 <li>Binance failed to maintain transaction records and report required information to Indian authorities.</li>
 <li>Similar regulatory actions in Canada and Nigeria highlight global scrutiny on Binance’s compliance with AML laws.</li>
</ul>
<a href="https://www.binance.com/en" target="_blank" rel="noopener noreferrer nofollow">Binance</a> has been fined 188.2 million rupees ($2.25 million) by India’s Financial Intelligence Unit (FIU) for breaking anti-money laundering (AML) laws. The FIU’s ruling, which was made public on Thursday, June 19, highlights several violations of the Prevention of Money Laundering Act (PMLA), 2002 in India.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 BREAKING: <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> Fined $2.2 Million by FIU India<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1ee-1f1f3.png" alt="🇮🇳" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/BePVJD31p6" rel="noopener noreferrer nofollow">pic.twitter.com/BePVJD31p6</a>— Crypto India (@CryptooIndia) <a href="https://twitter.com/CryptooIndia/status/1803663207027880176?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 20, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
According to Section 2(as)(vi) of the <a href="https://enforcementdirectorate.gov.in/pmla" target="_blank" rel="noopener noreferrer nofollow">PMLA</a>, Binance, as a Virtual Digital Asset Service Provider, is a reporting entity (RE). This classification requires strict reporting, record-keeping, and transaction monitoring protocols to prevent illegal financial activities.
According to FIU’s investigation, Binance violated these regulations in its exchanges with Indian clients, despite these requirements. The move comes after a warning was given by Indian authorities in January 2024 that barred Binance and other offshore cryptocurrency exchanges from conducting business in the nation on the basis that they were involved in illegal activities.
Among the major violations noted in the FIU’s conclusions are the exchange’s inability to keep thorough transaction records, give authorities the information they needed, and follow guidelines for data retention.&nbsp;
The FIU’s fine against Binance is consistent with other regulatory crackdowns around the world. <a href="https://cryptonewsland.com/canada-rejects-crypto-mining-firms-and-operations/" target="_blank" rel="noopener noreferrer nofollow">Binance was fined $4.4 million </a>by Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) for failing to register and failing to disclose major transactions involving digital assets.
Binance is continuing to challenge regulatory claims despite these challenges. Earlier this year, the company faced <a href="https://cryptonewsland.com/binance-ceos-bribery-allegations-could-impact-nigerias-investment/" target="_blank" rel="noopener noreferrer nofollow">legal issues in Nigeria</a> when two of its executives were arrested on charges of tax evasion and money laundering, complicating the regulatory landscape.
This penalty signals a turning point in the changing regulatory landscape of cryptocurrency in India, highlighting the increased oversight and enforcement efforts to protect the country’s economy. Businesses operating in this growing sector must comply with AML regulations as global authorities step up their oversight of digital assets.&nbsp;
Read Also
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/korean-exchanges-to-be-penalized-for-luna-demise/" rel="noopener noreferrer nofollow">Korean Exchanges To Be Penalized for LUNA Demise</a></li>
 <li><a href="https://cryptonewsland.com/india-tightens-grip-on-crypto-crypto-exchanges-under-aml-cft-scrutiny/" rel="noopener noreferrer nofollow">India Tightens Grip on Crypto: Crypto Exchanges Under AML-CFT Scrutiny</a></li>
 <li><a href="https://cryptonewsland.com/crypto-com-pauses-south-korean-entry-to-address-fiu-concerns/" rel="noopener noreferrer nofollow">Crypto.com Pauses South Korean Entry to Address FIU Concerns</a></li>
 <li><a href="https://cryptonewsland.com/ethereum-bnb-and-solana-how-are-l1s-handling-the-bear-market/" rel="noopener noreferrer nofollow">Ethereum, BNB, and Solana: How are L1s handling the Bear Market?</a></li>
 <li><a href="https://cryptonewsland.com/south-koreas-police-agency-strengthens-crypto-crime-crackdown/" rel="noopener noreferrer nofollow">South Korea’s Police Agency Strengthens Crypto Crime Crackdown</a></li>
</ul>
The post <a href="https://cryptonewsland.com/binance-penalized-2-25-million-in-india-signal-of-tougher-cryptocurrency-oversight/" rel="noopener noreferrer nofollow">Binance Penalized $2.25 Million in India: Signal of Tougher Cryptocurrency Oversight?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Binance Penalized $2.25 Million in India: Signal of Tougher Cryptocurrency Oversight?

Crypto News Land

Other articles published on Jun 20, 2024

LayerZero Foundation Launches ZRO: Will It Replicate the ARB Price Rally or Set Up a Healthy Upsw...

Crypto Expert Reveals 13 Tokens, Including Render (RNDR) and PAAL AI, That Could Surge Up to 69x

Why Bitcoin (BTC) is Struggling to Break the $65K Barrier?

Polkadot’s new proposal to slash unstaking time to 2 days

XRP Whales Trigger Market Movement with Massive Transfers

Cardano: Exploring the impact of rising short positions on ADA

Join our free newsletter for daily crypto updates!