NAIROBI (CoinChapter.com) — India’s Monetary Intelligence Unit (FIU) has fined cryptocurrency change Binance 188.2 million rupees ($2.25 million) for non-compliance with the nation’s Anti-Cash Laundering (AML) laws.

Binance, working as a Digital Digital Asset Service Supplier (VDA SP), qualifies as a reporting entity underneath the PMLA. Merely put, the change should preserve and report transaction information and implement strong AML measures, obligations that the FIU investigation says it failed to satisfy. The investigation led to show-cause notices and an eventual ban on Binance and different offshore exchanges in January 2024.

The FIU’s resolution adopted written and oral submissions from Binance’s director. The order detailed a number of contraventions, together with failure to take care of transaction information and inform authorities. These actions are mandated underneath Sections 12(1) and 13 of the PMLA and associated guidelines​​.

Binance Faces International Regulatory Scrutiny

Binance has confronted regulatory actions globally.

In Could, the Monetary Transactions and Studies Evaluation Centre of Canada (FINTRAC) imposed a $4.4 million administrative financial penalty on Binance for failing to register and report giant digital asset transactions.

FINTRAC claimed Binance did not register as a overseas cash companies enterprise. The regulator additionally said that Binance didn’t report transactions exceeding $10,000. Binance appealed towards the allegations of noncompliance with AML and Countering the Financing of Terrorism laws.

Moreover, in February 2024, Nigerian authorities detained two Binance executives over tax evasion and cash laundering allegations. These incidents mirror a broader pattern of regulatory scrutiny confronted by Binance and different crypto exchanges worldwide.