{"id":121881,"date":"2024-06-20T21:18:07","date_gmt":"2024-06-20T20:18:07","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation"},"modified":"2024-06-20T23:29:11","modified_gmt":"2024-06-20T22:29:11","slug":"binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation","title":{"rendered":"Binance in trouble again, as India slams hefty fine on crypto firm for non-compliance with regulation"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>In the midst of its ongoing trial with the Nigerian government, cryptocurrency exchange platform, Binance Holdings Limited has been slammed with a fine of 188.2 million rupees ($2.25 million) by India\u2019s Financial Intelligence Unit (FIU) for non-compliance with local anti-money laundering (AML) regulations.<\/p>\n<p>A document titled \u2018Order in original No. 10\/DIR\/FIU-IND\/2024 in the matter of Binance u\/s Section 13 dated 19.06.2024\u2019 by India\u2019s Financial Intelligence Unit (FIU), said the fine was for violating its money laundering law.<\/p>\n<p>This is the highest ever fine imposed on any crypto entity for non-compliance to AML laws in India.<\/p>\n<p>\u201cDue to Binance\u2019s ongoing provision of services to Indian clients and operations within India without adhering to its statutory obligations under the PMLA a Notice dated December 28, 2023, was issued to Binance pursuant to Section 13 of the Act, compelling Binance to demonstrate why appropriate action should not be undertaken against it for its dereliction of duties under the Act, despite its status as a Reporting Entity owing to its operations as a Virtual Digital Asset Service Provider (VDA SP).<\/p>\n<p>\u201cAfter 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\u201d the FIU announcement said.<\/p>\n<p>\u201cConsequently, the Director FIU-IND\u201d ordered the imposition of a \u201ctotal penalty\u201d of approximately $2.2 million on Binance along with \u201cspecific directions to ensure diligent compliance with the obligations.\u201d<\/p>\n<p>\u201cWe call upon all industry participants to strictly adhere to laws related to anti-money laundering (AML) and combating the financing of terrorism (CFT),\u201d said Dilip Chenoy, Chairman, Bharat Web3 Association.<\/p>\n<p>In India, virtual digital asset service providers like crypto exchanges are required to be registered with the FIU as a reporting entity and comply with its anti-money laundering rules.<\/p>\n<p>In May, Binance had registered with the FIU as the exchange sought to resume operations in the country after the watchdog issued show-cause notices to nine offshore exchanges operating in violation of local rules.<\/p>\n<p>By: Babajide OkeowoBalanced, fearless journalism driven by data comes at huge financial costs.<\/p>\n<p>As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.<\/p>\n<p>If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.<\/p>\n<p>Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.<\/p>\n<p><strong>For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. In the midst of its ongoing trial with the Nigerian government, cryptocurrency exchange platform, Binance Holdings Limited has been slammed with a fine of 188.2 million rupees ($2.25 million) by India\u2019s Financial Intelligence Unit (FIU) for non-compliance with local anti-money laundering (AML) regulations. A document titled \u2018Order in original No. 10\/DIR\/FIU-IND\/2024 in [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":121880,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[10570,254],"class_list":["post-121881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-binance","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Binance in trouble again, as India slams hefty fine on crypto firm for non-compliance with regulation - Nigeria<\/title>\n<meta name=\"description\" content=\"In the midst of its ongoing trial with the Nigerian government, cryptocurrency exchange platform, Binance Holdings Limit ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance in trouble again, as India slams hefty fine on crypto firm for non-compliance with regulation\" \/>\n<meta property=\"og:description\" content=\"In the midst of its ongoing trial with the Nigerian government, cryptocurrency exchange platform, Binance Holdings Limit ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-20T20:18:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-20T22:29:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1718906100.877702.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"387\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Binance in trouble again, as India slams hefty fine on crypto firm for non-compliance with regulation\",\"datePublished\":\"2024-06-20T20:18:07+00:00\",\"dateModified\":\"2024-06-20T22:29:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation\"},\"wordCount\":434,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1718906100.877702.jpg\",\"keywords\":[\"Binance\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/binance-in-trouble-again-as-india-slams-hefty-fine-on-crypto-firm-for-non-compliance-with-regulation\",\"name\":\"Binance in trouble again, as India slams hefty fine on crypto firm for non-compliance with regulation - 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