Binance, the largest cryptocurrency exchange firm, has been fined approximately $2.2 million (Rs. 18,82,00,000) for providing services to Indian clients without adhering to the nation's anti-money laundering rules
Binance, a renowned cryptocurrency exchange, has been fined approximately $2.2 million for providing services to Indian clients without adhering to the nation’s anti-money laundering rules.The development comes amid the firm’s ongoing court trial in Nigeria.
“Consequently, due to Binance’s ongoing provision of services to Indian clients and operations within India without adhering to its statutory obligations under the PMLA a Notice dated December 28, 2023, was issued to Binance pursuant to Section 13 of the Act, compelling Binance to demonstrate why appropriate action should not be undertaken against it for its dereliction of duties under the Act, despite its status as a Reporting Entity owing to its operations as a Virtual Digital Asset Service...
Responding to the report, Binance said it is aware of the FIU’s order and is reviewing it to determine the next steps.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India fines Binance $2.25m amid trial in NigeriaBinance has been fined $2.25 million by India’s Financial Intelligence Unit (FIU) as the crypto exchange firm continues to battle
Read more »
Labour may resume strike Tuesday after rejecting N62,000, insists on N250,000The Organised Labour has said it will not accept any N62,000 or N100,000 “starvation wage” as the minimum wage for Nigerian workers. It insisted on N250,000, being its latest demand at the last meeting of the Tripartite Committee on Minimum Wage on Friday, as the living wage for an average Nigerian worker.
Read more »
FG Offers N62,000 As New Minimum Wage, Labour Demands N250,000The recommendations will be forwarded to President Tinubu, who is expected to send an executive bill to the National Assembly for legislative action.
Read more »
Governors Reject N100,000 Minimum Wage Proposal, Opt For N70,000A Trusted Nigerian Newspaper
Read more »
Netizens react as Pastor Ibiyeomie claims God gave him N25,000, foodstuff after N5,000 offeringThe Nation Newspaper Netizens react as Pastor Ibiyeomie claims God gave him N25,000, foodstuff after N5,000 offering
Read more »
14, 000 candidates applied for 3, 000 temporary teaching jobs in JigawaNo fewer than 14, 000 candidates applied for temporary teaching jobs in Jigawa State within 24 hours. Chairman of the Jigawa State Universal Basic Education Board, Professor Haruna Musa, stated this while speaking at the official presentation of permanent appointment letters to 3,233 candidates at the Aminu Kano Triangle, Dutse, the state capital.
Read more »