Finst

Binance gets multi-million dollar fine in India

India's anti-money laundering authority is fining Binance US$2.2 million.

By Luc Vesters
• 1 min read
Binance gets multi-million dollar fine in India

India's anti-money laundering authority is fining Binance US$2.2 million. This is due to violations of money laundering laws.

"After reviewing the written and oral submissions, the Director of the Anti-Money Laundering Authority has determined, based on the available documentation, that the allegations against Binance are proven," the authority document said.

In January of this year, a number of foreign Bitcoin exchanges, including Binance, had to temporarily suspend their services in India. KuCoin and Binance have since regained their trading licenses - the latter, however, under the condition of the aforementioned penalty.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.