FIU imposes $2.25 million penalty on Binance

Financial Intelligence Unit (FIU) has imposed a fine of Rs 18.82 crore on Binance, for violating local anti-money laundering regulations while operating in India.

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World's largest crypto company, Binance offers a range of digital asset trading services, including spot and derivatives trading, staking, and lending.

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FIU had directed the Ministry of Electronics and Information Technology to block online access to non-compliant cryptocurrency exchanges.

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In May, Canada’s anti-money laundering agency fined Binance $4.38 million for violating anti-money laundering regulations.

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Additionally, Changpeng Zhao, Binance's former CEO, was sentenced to four months in prison in May by US District Judge Richard Jones in Seattle.

Source: Pexels