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The Financial Conduct Authority of India issued charges against Binance after reviewing the written and oral submissions of the Binance manager and the company's existing records.
India's Financial Intelligence Unit (FIU) has fined digital currency exchange Binance 188.2 million rupees ($2.25 million) for serving Indian customers without complying with the country's anti-money laundering (AML) laws.
On Thursday, June 19, the agency announced that the penalty would apply to multiple violations of the Prevention of Money Laundering Act (PMLA), 2002. Binance operates as a virtual digital asset service provider, making it a reporting entity. (RE) qualifies under Section 2(as)(vi) of the PMLA, this designation requires maintaining and reporting transaction records and ensuring robust AML measures, however FIU's investigation found that Binance when serving Indian customers to this Commitments were not adhered to.