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Binance has been hit with a fine of 188.2 million rupees by India’s Financial Intelligence Unit as the crypto exchange firm battles for its reputation in an ongoing court trial in Nigeria.In India, virtual digital asset service providers like crypto exchanges are required to be registered with the FIU as a reporting entity and comply with its anti-money laundering rules.
A document titled ‘Order in original No. 10/DIR/FIU-IND/2024 in the matter of Binance u/s Section 13 dated 19.06.2024’, obtained by Channels Television on Thursday, India’s Financial Intelligence Unit said the fine was for violating its money laundering law. “After considering the written and oral submissions of the Binance, Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated. Consequently, the Director FIU-IND vide order dated 19th June 2024 in the exercise of powers under Section 13 PMLA, imposed a total penalty of Rs.
The Federal Government recently accused the cryptocurrency exchange of influencing foreign exchange rates, leading to stricter oversight of crypto trading platforms.
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