India: Issued Order by Financial Intelligence Unit India (FIU IND) to Binance
Description
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 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.
Original sourceScope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body