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 action was taken under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA). As a result of Binance's violations, the FIU IND imposed a fine of INR 188.2 million.
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