Million

<h4><strong>Binance found itself in <a href="https://www.altcoinbuzz.io/?s=regulations" target="_blank" rel="noopener">regulatory hot waters</a> following a fine from Indian regulators for an alleged violation. </strong></h4> 
<p>India’s Financial Intelligence Unit (FIU) slapped an 88.2 million rupees ($2.25 million) fine on Binance allowing its residents access to its service without observing anti-money laundering (AML) rules.</p> 
<h5><strong>Binance Fined by Indian Regulators for AML Violations</strong></h5> 
<p><span style="font-weight: 400;">Regulators in India removed Binance and a couple of other foreign crypto exchanges for illegal operations earlier this year. However, Binance and Kucoin secured approval from the FIU in May. However, the approval was conditional to paying a penalty following a hearing with the FIU.</span></p> 
<p><span style="font-weight: 400;">Announcing the <a href="https://fiuindia.gov.in/pdfs/judgements/Binance_Order_10_2024.pdf" target="_blank" rel="noopener">fine</a>, the FIU wrote: After considering the written and oral submissions of Binance, the Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated.”</span></p> 
<p><img decoding="async" class="wp-image-143861 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfdgfesefs-223x300.jpg" alt="" width="413" height="555" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfdgfesefs-223x300.jpg 223w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfdgfesefs-313x420.jpg 313w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfdgfesefs.jpg 391w" sizes="(max-width: 413px) 100vw, 413px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/Cointelegraph/status/1803687782981968114" target="_blank" rel="noopener">X</a></strong></h6> 
<p><span style="font-weight: 400;">A spokesperson noted that the exchange is reviewing the FIU’s order. Binance, via its spokesperson, said: “We are grateful to have the opportunity to continue our mission to serve the vibrant Indian crypto community. We wish to work with the FIU as a reporting entity and we are enthusiastic about reentering the Indian market to contribute positively, should we be able to do so shortly. We remain dedicated to maintaining transparency, fostering cooperation, and ensuring compliance with regulatory authorities.”</span></p> 
<h5><strong>More Regulatory Concerns</strong></h5> 
<p><span style="font-weight: 400;">The FIU lists several violations the exchange in its fine against the exchange. The regulator claimed Binance failed to keep and submit transaction records. In addition, the charges noted that Binance could not provide authorities with the necessary information, and maintain records as required.&nbsp;</span></p> 
<p><img decoding="async" class="wp-image-143864 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfgfghhgj-160x300.jpg" alt="" width="398" height="747" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfgfghhgj-160x300.jpg 160w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfgfghhgj-224x420.jpg 224w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfgfghhgj.jpg 288w" sizes="(max-width: 398px) 100vw, 398px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/TheWeb3CA/status/1803664117632475564" target="_blank" rel="noopener">X</a></strong></h6> 
<p><span style="font-weight: 400;">The FIU isn’t the first regulator to impose a fine against the exchange. Last month, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) <a href="https://fintrac-canafe.canada.ca/new-neuf/nr/2024-05-09-eng" target="_blank" rel="noopener">hit</a> Binance with an administrative monetary penalty of $4.4 million. The regulator claimed the exchange failed to register and disclose significant digital asset transactions.</span></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/binance-fined-2-25-million-in-india/">Binance Fined $2.25 Million in India</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Binance Fined $2.25 Million in India

Altcoin Buzz

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