FIU-IND Slaps Rs 18.82 Crore Penalty on Binance for Regulatory Non-Compliance

FIU-IND imposes Rs 18.82 crore penalty on Binance, world’s largest crypto exchange, for non-compliance with Indian regulations. Earlier, nine offshore exchanges faced similar action under the PMLA 2002 for failing to register and adhere to local anti-money laundering rules. Binance’s penalty follows FIU-IND’s review of written and oral submissions, confirming the charges against the exchange. Vivek Aggarwal, Director at FIU-IND, previously noted Binance’s initial registration and ongoing evaluation for compliance. In contrast, competitor KuCoin secured full registration and resumed operations after paying a Rs 34.5 lakh penalty.