“The registration with the FIU underscores Binance’s commitment to compliance with anti-money laundering (AML) standards in India as well as any other jurisdiction it operates in.This step is a testament to Binance’s dedication to fostering a secure, transparent, and efficient ecosystem, aligning with the company’s global standards,” the company said in a press release.
Binance app removed from Play Store in January
Earlier this year in January, Google removed crypto apps including Binance from the Play Store in India, following allegations of unauthorised operations. In December 2023, it was discovered that about nine offshore exchanges, including KuCoin, Binance, OKX, and Huobi, were not registered with FIU-IND. They were also not compliant with the PMLA, 2002.
Consequently, the Indian government mandated the blocking of these exchanges’ URLs in India in January.
Binance fined Rs 18.82 crore in June 2024
India’s Financial Intelligence Unit (FIU) imposed a fine of $2.25 million (Rs 18.82 crore) on Binance for violating the country’s anti-money laundering regulations.
A June notification from the financial watchdog said “After considering the written and oral submissions of Binance, the Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated”.
The notification also asked Binance to comply with “Chapter IV of the PMLA 2002, in conjunction with the PMLA Maintenance of Record Rules (PMLA Rules) of 2005 for prevention of money laundering activities and combating the financing of terrorism (AMLCFT) to maintain records of all transactions.”
