FIU slaps Rs 18.82 cr penalty on crypto exchange Binance

The Financial Intelligence Unit has slapped a penalty of Rs 18.82 crore on one of the world’s largest crypto exchange Binance for alleged contravention of the country’s anti-money laundering law. The federal agency issued an order Thursday charging the exchange with “dereliction of duty” as a reporting entity, with its operations that of a Virtual Digital Asset Service Provider, under the Prevention of Money Laundering Act (PMLA).