India Imposes $2 Million Fine in Binance

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Binance has been fined around $2.2 million (equivalent to 18.82 crore INR) by India’s anti-money laundering unit for not following the country’s laws on preventing money laundering.

The announcement was made on Thursday. Binance, along with other foreign-based cryptocurrency exchanges, had received showcause notices from Indian authorities and were banned from operating in India in January 2024 for operating illegally.

However, in May, after a hearing with the Financial Intelligence Unit (FIU), Binance and KuCoin became the first offshore cryptocurrency entities to be approved by the FIU on the condition that they pay a penalty.

The FIU announcement stated that after considering Binance’s written and oral submissions, the Director found the charges against them to be true. As a result, the Director ordered Binance to pay a total penalty of approximately $2.2 million and gave specific directions for them to comply with their obligations diligently.