PMLA
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India Stands Firm on #Binance : Upholding #PMLA Compliance
In a pivotal move, the Indian government has reaffirmed its stance on the suspension of Binance operations, emphasizing adherence to the Prevention of Money-Laundering Act, 2002 (PMLA). The decision comes despite Binance's plea for a resumption of activities.
Understanding PMLA:
The PMLA, enacted in 2002, is a legislative framework designed to thwart money-laundering activities. The law empowers authorities to investigate, take action, and seize assets linked to money-laundering cases.
Objectives of PMLA:
The primary objective of the PMLA is to combat money laundering comprehensively. It equips authorities with the necessary tools to identify and prosecute individuals involved in such illicit activities. By providing a legal basis for the confiscation of assets derived from money laundering, the act serves as a deterrent and strengthens the country's financial integrity.
Government's Resolve:
Despite Binance's request to resume operations, the government remains resolute in ensuring strict compliance with PMLA regulations. This demonstrates a commitment to maintaining the integrity of the financial system and curbing illicit financial activities.
I hope all the matters get resolved soon and may Binance flourish in India .
#Write2Earn #sol #TrendingTopic
In a pivotal move, the Indian government has reaffirmed its stance on the suspension of Binance operations, emphasizing adherence to the Prevention of Money-Laundering Act, 2002 (PMLA). The decision comes despite Binance's plea for a resumption of activities.
Understanding PMLA:
The PMLA, enacted in 2002, is a legislative framework designed to thwart money-laundering activities. The law empowers authorities to investigate, take action, and seize assets linked to money-laundering cases.
Objectives of PMLA:
The primary objective of the PMLA is to combat money laundering comprehensively. It equips authorities with the necessary tools to identify and prosecute individuals involved in such illicit activities. By providing a legal basis for the confiscation of assets derived from money laundering, the act serves as a deterrent and strengthens the country's financial integrity.
Government's Resolve:
Despite Binance's request to resume operations, the government remains resolute in ensuring strict compliance with PMLA regulations. This demonstrates a commitment to maintaining the integrity of the financial system and curbing illicit financial activities.
I hope all the matters get resolved soon and may Binance flourish in India .
#Write2Earn #sol #TrendingTopic
🚨🔴🇮🇳 _Breaking News!_ 🤯
_Binance Hit with Hefty Fine in India!_ 💸
_FIU-India Slaps ₹18.82 Crore ( $2.2 Million) Penalty_ 📊
_For Violating Prevention of Money Laundering Act (PMLA)_ 🚫
_Binance Failed to Meet Anti-Money Laundering Obligations_ 🤦♂️
_Stricter Crypto Regulations Enforced!_ 🔒
Feel Free to Reach out us 👉TG@ItxAP117
For signals📶🚦
#Binance #FIUIndia #PMLA #CryptoRegulations #FineImposed
$BNB $BTC
_Binance Hit with Hefty Fine in India!_ 💸
_FIU-India Slaps ₹18.82 Crore ( $2.2 Million) Penalty_ 📊
_For Violating Prevention of Money Laundering Act (PMLA)_ 🚫
_Binance Failed to Meet Anti-Money Laundering Obligations_ 🤦♂️
_Stricter Crypto Regulations Enforced!_ 🔒
Feel Free to Reach out us 👉TG@ItxAP117
For signals📶🚦
#Binance #FIUIndia #PMLA #CryptoRegulations #FineImposed
$BNB $BTC
Hi Connections today we going to discuss the topic- "Understanding PMLA Guidance for Cryptocurrencies in India"
The Indian government has implemented guidelines under the Prevention of Money Laundering Act (PMLA) to regulate cryptocurrencies. These guidelines, overseen by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), entail stringent measures to combat illicit financial activities. Key aspects include robust customer due diligence (CDD) procedures, transaction monitoring, and mandatory record-keeping by cryptocurrency exchanges and platforms. Users are required to undergo thorough KYC processes, providing identity verification documents like Aadhaar and PAN cards. Platforms must monitor transactions for suspicious activities and report them to the Financial Intelligence Unit-India (FIU-IND). Compliance frameworks are vital for businesses to ensure adherence to PMLA guidelines and maintain transparency in the crypto ecosystem. Staying abreast of regulatory updates is crucial for individuals and entities engaged in cryptocurrency activities to ensure compliance with evolving regulations. By adhering to PMLA guidelines, stakeholders contribute to fostering a secure and transparent crypto environment in India. #PMLA #CryptocurrencyRegulations #IndiaCrypto #Compliance #KYC #CryptoSecurity #BTC #ETH #SOL #Pixel #Write2Earn #USDT
The Indian government has implemented guidelines under the Prevention of Money Laundering Act (PMLA) to regulate cryptocurrencies. These guidelines, overseen by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), entail stringent measures to combat illicit financial activities. Key aspects include robust customer due diligence (CDD) procedures, transaction monitoring, and mandatory record-keeping by cryptocurrency exchanges and platforms. Users are required to undergo thorough KYC processes, providing identity verification documents like Aadhaar and PAN cards. Platforms must monitor transactions for suspicious activities and report them to the Financial Intelligence Unit-India (FIU-IND). Compliance frameworks are vital for businesses to ensure adherence to PMLA guidelines and maintain transparency in the crypto ecosystem. Staying abreast of regulatory updates is crucial for individuals and entities engaged in cryptocurrency activities to ensure compliance with evolving regulations. By adhering to PMLA guidelines, stakeholders contribute to fostering a secure and transparent crypto environment in India. #PMLA #CryptocurrencyRegulations #IndiaCrypto #Compliance #KYC #CryptoSecurity #BTC #ETH #SOL #Pixel #Write2Earn #USDT
The world’s largest crypto exchange, #BinanceEVM , is in talks with the #Indian government to restore citizens’ access to the Binance mobile application and website. An Indian publishing firm captured this development, citing sources familiar with the matter.
Per the report, Binance is willing to settle outstanding taxes accumulated as of January 12, when operations were halted. However, it noted that the exchange is unprepared to adhere to the Prevention of Money Laundering Act (#PMLA ) guidelines.
In particular, Binance sources reportedly stated that the exchange requires time to establish the necessary procedures to comply with the PMLA and Financial Intelligence Unit (FIU) regulations. Consequently, it requested permission to resume operations in the interim period.
In response, the Indian authorities have rejected Binance’s request to resume operations until the company implements the necessary compliance. The statement read:
Compliance with PMLA is paramount. They have been explicitly told that any discussion on resumption of their services in India is only after the government is satisfied with their responses on the notices sent by the FIU.
Earlier, the government blocked nine offshore crypto platforms’ websites and mobile apps. The affected exchanges include Binance, kucoin. #Huobi , OKX, Gate.io, Bittrex, Bitstamp, #MEXC Global, and Bitfinex. Notably, the government’s step was warranted because these platforms failed to respond to show-cause notices from the FIU.
Meanwhile, the government is collaborating with banks to devise measures against traders who utilize virtual private networks (VPNs) to access the banned platforms.
Data suggested that approximately 4,000 Indian crypto traders are suspected of using VPNs to conduct transactions on Binance rather than transferring their assets to compliant Indian exchanges. It is estimated that nearly $4 billion worth of crypto belonging to Indian traders is stored in offshore wallets.
Per the report, Binance is willing to settle outstanding taxes accumulated as of January 12, when operations were halted. However, it noted that the exchange is unprepared to adhere to the Prevention of Money Laundering Act (#PMLA ) guidelines.
In particular, Binance sources reportedly stated that the exchange requires time to establish the necessary procedures to comply with the PMLA and Financial Intelligence Unit (FIU) regulations. Consequently, it requested permission to resume operations in the interim period.
In response, the Indian authorities have rejected Binance’s request to resume operations until the company implements the necessary compliance. The statement read:
Compliance with PMLA is paramount. They have been explicitly told that any discussion on resumption of their services in India is only after the government is satisfied with their responses on the notices sent by the FIU.
Earlier, the government blocked nine offshore crypto platforms’ websites and mobile apps. The affected exchanges include Binance, kucoin. #Huobi , OKX, Gate.io, Bittrex, Bitstamp, #MEXC Global, and Bitfinex. Notably, the government’s step was warranted because these platforms failed to respond to show-cause notices from the FIU.
Meanwhile, the government is collaborating with banks to devise measures against traders who utilize virtual private networks (VPNs) to access the banned platforms.
Data suggested that approximately 4,000 Indian crypto traders are suspected of using VPNs to conduct transactions on Binance rather than transferring their assets to compliant Indian exchanges. It is estimated that nearly $4 billion worth of crypto belonging to Indian traders is stored in offshore wallets.
🇮🇳Indian government rejects #Binance request to resume operations and demands compliance with #PMLA
Binance Costomer care Replied :
Hi there, We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store, Google Play store or the Binance website from India. Existing users who already have the Binance app are not affected.
We remain committed to the adherence of local regulations and laws and we are dedicated to maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry.
The ongoing situation is not unique to Binance and impacts other web3 industry players as well. We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants. All user funds are safe. If you are having trouble accessing your account or need support, you may reach out on twitter.com/BinanceHelpDesk Any changes or updates will be communicated promptly via our official channels - MM.
Hoping to resolve this soon
#Write2Earn
Binance Costomer care Replied :
Hi there, We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store, Google Play store or the Binance website from India. Existing users who already have the Binance app are not affected.
We remain committed to the adherence of local regulations and laws and we are dedicated to maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry.
The ongoing situation is not unique to Binance and impacts other web3 industry players as well. We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants. All user funds are safe. If you are having trouble accessing your account or need support, you may reach out on twitter.com/BinanceHelpDesk Any changes or updates will be communicated promptly via our official channels - MM.
Hoping to resolve this soon
#Write2Earn
