FINANCE MINISTRY’S DECISION TO IMPOSE A FINE ON BINANCE IS A STEP IN RIGHT DIRECTION
INDIAN REGULATORS HAVE TO STRICTLY MONITOR CRYPTOCURRENCY COMPANIES
2024-06-21 11:32
-
In a decision that could set a precedent in the Indian financial sector, the Financial Intelligence Unit (FIU) under the Ministry of Finance has fined global crypto exchange Binance a hefty Rs 18.82 core (approximately $2.2 million) for not adhering to anti-money laundering laws while catering to Indian customers. In January, the websites of nine offshore crypto exchanges including Binance were blocked for not being registered in India and complying with Indian laws. The penalty announced on Thursday paves the way for Binance to resume its operations in India.