India Fines Binance $2.25 Million for AML Violations, Other Countries Follow Suit

India’s Financial Intelligence Unit (FIU) has fined crypto exchange Binance 188.2 million rupees ($2.25 million) for violating the country’s Anti-Money Laundering (AML) rules while providing services to Indian clients. On June 19, the agency announced that the penalty resulted from multiple violations of the Prevention of Money Laundering Act (PMLA), 2002. Binance, as a Virtual Digital Asset Service Provider, is classified as a reporting entity under Section 2 (as) (vi) of the PMLA. This classification mandates that Binance maintain and report transaction records and implement robust AML measures. However, the FIU’s investigation found that Binance failed to comply with these

Source: CryptoIntelligence