By Emmanuel Nduka
Like Nigeria, Indian authorities have fined Binance, the world’s largest cryptocurrency exchange, $2.2 million, citing violations of its anti-money laundering regulations.
This was disclosed on Thursday in a statement by India’s Financial Intelligence Unit (FIU), explaining that Binance was fined for “operations within India without adhering to its statutory obligations under the PMLA”.
The FIU director, after reviewing Binance’s submissions, concluded that the charges were substantiated, leading to the penalty and directives aimed at ensuring future compliance.
“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 statement said.
The statement noted that the FIU-IND director ordered the imposition of a “total penalty” of approximately $2.2 million on Binance, along with specific directions to ensure diligent compliance with the obligations.
Reacting in its own statement, Binance on Thursday, said, “We are aware of the FIU’s directive and are currently evaluating it to decide our next steps. We value the opportunity to continue serving the dynamic Indian crypto community.
“We intend to collaborate with the FIU as a reporting entity and are keen to potentially re-enter the Indian market in the near future to make a positive impact. We remain committed to transparency, fostering cooperation, and ensuring compliance with regulatory authorities”.
This comes simultaneously as the crypto firm is facing a legal battle with the Nigerian Government over money laundering and tax evasion allegations.
Heritage Times HT recalls that in March this year, Binance announced its exit from the Nigerian market and subsequent removal of all assets associated with the naira amid a clampdown by Nigerian authorities on the platform.
The crypto giant had accused Nigerian Government officials of demanding a $150 million bribe to drop the case and free its detained executive, Tigran Gambaryan, an allegation the Nigerian Government denied.
