India: Financial Intelligence Unit investigation into Binance's compliance with Anti Money Laundering and Counter Financing of Terrorism regulations
Progress
Current status
in force
19 Jun 2024 in force
28 Dec 2023 in force
Scope
Implementers
India
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
other regulatory body
Implementation Level
national
Timeline of events
Issued Order by Financial Intelligence Unit India (FIU IND) to Binance
On 19 June 2024, the Financial Intelligence Unit India (FIU IND) issued a ruling against Binance, an offshore Virtual Digital Assets Service Provider (VDA SP), in a case regarding its non-compliance with business registration requirements. This acti…
SourceEvent type
investigation
Action type
ruling
Government branch
executive
Government body
other regulatory body
Issued Compliance Show Cause Notice from Financial Intelligence Unit India (FIU IND) to Binance
On 28 December 2023, the Financial Intelligence Unit India (FIU IND) issued a compliance Show Cause Notice to Binance, an offshore Virtual Digital Assets Service Provider (VDA SP). This action was taken under Section 13 of the Prevention of Money La…
SourceEvent type
investigation
Action type
ruling
Government branch
executive
Government body
other regulatory body