Binance Fined $2.2M by India's FIU!
: Binance, the world's largest cryptocurrency exchange, has been fined $2.2 million (Rs 18.82 crore) by India's Financial Intelligence Unit (FIU) for not following local anti-money laundering rules. This is the highest fine ever given to a crypto company in India.
Key points:
- Non-Compliance Issues: Binance did not provide details of its principal officer and did not have systems to detect and report suspicious transactions.
- Record Penalty: The $2.2 million fine is the biggest in India's crypto industry.
- Future Compliance: Binance has completed its initial registration with the FIU and is expected to follow all regulations in the future.
Stay updated with the latest news on cryptocurrency regulations.