Financial watchdog imposes Rs 18.82 cr penalty on crypto exchange Binance

The Financial Intelligence Unit (FIU) has put a fine of Rs 18.82 crore on Binance, the world’s largest cryptocurrency exchange, for operating in India in violation of domestic anti-money laundering regulations.

Binance registered with the FIU in May as it sought to resume operations in the country after being issued a show-cause notice by the financial watchdog in December 2023, along with eight other offshore exchanges that were operating in violation of local rules.