FIU imposes Rs 18.82 cr fine on Binance

New Delhi: The Financial Intelligence Unit (FIU) has slapped a penalty of Rs 18.82 crore on crypto exchange Binance for alleged contravention of the country’s anti-money laundering law.

The FIU issued an order Thursday charging Binance with “dereliction of duty” being a Virtual Digital Asset Service Provider (VDASP) category of reporting entity under Prevention of Money Laundering Act.

The summary order said Binance was first issued a notice on December 28, 2023 as it operated in India and provided services to Indian clients.

Binance had earlier not registered as a reporting entity with the FIU, as required under

the PMLA.