#Binance cleared to operate in India, subject to a 2.25-million-USD fine and compliance.
Binance, the world’s largest cryptocurrency exchange, received a notice on Wednesday from India’s Financial Intelligence Unit (FIU-IND), which fined it 2.25 million USD ( ₹18.8 crore) for operating without complying with domestic anti-money-laundering regulations before December 2023. This means the exchange has now been cleared to operate in India, provided it pays the fine and complies with regulations.
In its notice, FIU-IND said it imposed the fine due to Binance’s ongoing provision of services to Indian clients and operations within India, without adhering to its statutory obligations under the Prevention of Money Laundering Act (PMLA), 2002. The company was issued a notice under Section 13 of the PMLA on 28 December 2023.
The notice, a copy of which Mint has seen, added, Specific directions have been issued to Binance to ensure diligent compliance with the obligations outlined in Chapter IV of PMLA. Entities that represented Binance before FIU-IND included its facilities in the Seychelles, Cayman Islands and Switzerland.
On 10 May, Binance and fellow cryptocurrency exchange Kucoin were set to be cleared to operate in India after being suspended by FIU-IND in December.
