The largest platform on blockchain and cryptocurrency, Binance, has to pay a fine of Rs 18.82 crore for resuming its operations across India.
The Financial Intelligence Unit had imposed this on Binance for flouting the country's anti-money laundering laws.
"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 Binese were substantiated," the notification of the FIU said on Thursday.
It added further that Binance has to strictly comply with the provisions of Chapter IV of the Prevention of Money Laundering Act, 2002, and the PMLA, in addition to such records relating to maintaining of records and Rules, 2005. These directions have hereby been issued with the object and purpose of preventing money laundering and averting the financing of terrorism.
Binance was registered with the FIU in May while it was trying to reboot abate its India operations. The development came after a December 2023 notice that ordered Binance, together with eight other offshore crypto exchanges, to show cause over its non-compliance with local laws..
It would be recalled that the crypto exchange was banned in India for not following the prerequisite local norms. This was part of a broader crackdown on unregistered offshore crypto exchanges by the financial watchdog.
This is in contrast with competitor KuCoin, which had managed to get itself registered in the country and restarted operations after the payment of a fine of Rs 34.5 lakh.
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