FIU slaps Rs 18.82 cr penalty on crypto exchange Binance
Financial Intelligence Unit has slapped a penalty of Rs 18.82 crore on one of the world's largest crypto exchange Binance for alleged contravention of the country's anti-money laundering law. The federal agency issued an order Thursday charging the exchange with «dereliction of duty» as a reporting entity, with its operations that of a Virtual Digital Asset Service Provider, under the Prevention of Money Laundering Act (PMLA).
The summary order accessed by PTI said Binance was first issued a notice in December last year since it operated in India and provided services to Indian clients.
Binance had not registered as a reporting entity with FIU, as required under the PMLA. It did it in May this year after the Union government banned its URLs in India and was issued a notice, along with eight other crypto firms, by the the FIU, a senior officer said.
The exchange has not commented on the penalty order yet.
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View Details»«After considering the written and oral submissions of Binance, the Director, FIU-IND, based on the material available on
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