{"id":32734,"date":"2024-06-20T10:25:51","date_gmt":"2024-06-20T10:25:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/india-orders-binance-to-pay-2-25-million-fine-for-aml-violations\/"},"modified":"2024-06-20T10:25:51","modified_gmt":"2024-06-20T10:25:51","slug":"india-orders-binance-to-pay-2-25-million-fine-for-aml-violations","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/india-orders-binance-to-pay-2-25-million-fine-for-aml-violations\/","title":{"rendered":"India orders Binance to pay $2.25 million fine for AML violations"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689870819306-75d33959-0f0e-431a-aeab-465cc193d1c3-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689870819306-75d33959-0f0e-431a-aeab-465cc193d1c3-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689870819306-75d33959-0f0e-431a-aeab-465cc193d1c3-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689870819306-75d33959-0f0e-431a-aeab-465cc193d1c3-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Binance faces a $2.25 million penalty reportedly imposed by India\u2019s Financial Intelligence Unit (FIU).<\/span><\/li>\n<li><span style=\"font-weight: 400\">The penalty relates to the crypto exchange\u2019s violation of India\u2019s anti-money laundering (AML) regulations.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">India\u2019s financial watchdog, the Financial Intelligence Unit (FIU), has imposed a 188.2 million rupees ($2.25 million) fine on <a href=\"https:\/\/coinjournal.net\/exchanges\/binance\/\">Binance<\/a>, the world\u2019s largest cryptocurrency exchange.<\/span><\/p>\n<p><span style=\"font-weight: 400\">FIU has <a href=\"https:\/\/fiuindia.gov.in\/pdfs\/judgements\/Binance_Order_10_2024.pdf\" target=\"_blank\" rel=\"noopener\">ordered<\/a> the crypto behemoth to pay the hefty fine after its operations violated India\u2019s anti-money laundering (AML) rules.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The fine comes less than two months after Binance and KuCoin gained registration with the FIU as the exchanges looked to resume operations in India, a country with a huge and rapidly expanding crypto community.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Binance approved to operate in India<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In December last year, the regulator issued notices against Binance and other crypto exchanges, over what the FIU termed as violations of the Prevention of Money Laundering Act. <\/span><\/p>\n<p><span style=\"font-weight: 400\">In January, India removed the nine offshore exchanges from the marketplace, prohibiting their operations in the country without first getting proper regulatory approval.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While <a href=\"https:\/\/coinjournal.net\/news\/crypto-exchanges-binance-and-kucoin-secure-registration-with-indias-fiu\/\">Binance and KuCoin subsequently sought approval<\/a> and became the first offshore exchanges to win it, the FIU imposed penalties.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As reported, KuCoin paid a fine of $41,000 as it resumed operations, while Binance had to wait for the FIU to determine its fine during scheduled hearings. Earlier reports suggested Binance faced up to $2 million in penalties for non-compliance.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The exchange agreed a $4.3 billion penalty from US authorities in 2023 and is currently embroiled in a legal battle with Nigerian authorities.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/india-orders-binance-to-pay-2-25-million-fine-for-aml-violations\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Binance faces a $2.25 million penalty reportedly imposed by India\u2019s Financial Intelligence Unit (FIU). The penalty relates to the crypto exchange\u2019s violation of India\u2019s anti-money laundering (AML) regulations. India\u2019s financial watchdog, the Financial Intelligence Unit (FIU), has imposed a 188.2 million [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":32735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32734"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=32734"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/32735"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=32734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=32734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=32734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}