Binance Fined By India
India’s Financial Intelligence Unit (FIU) has imposed a $2.2 million fine against Binance — the world’s largest cryptocurrency exchange by trading volume — for running afoul of the country’s anti-money laundering rules.
Global Regulatory Woes
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced in May that it was fining Binance $4.4 million for failing to register and report huge cryptocurrency transactions. The regulator claimed that Binance failed to register as a foreign money services business and report digital asset transactions surpassing $10,000.
However, the global cryptocurrency exchange has contested the administrative monetary penalty and allegations of noncompliance with AML and Countering the Financing of Terrorism regulations.
Meanwhile, Binance’s American subsidiary, Binance.US, is facing growing regulatory scrutiny from state authorities in the United States. Multiple states, including North Dakota, North Carolina, Alaska, Florida, Maine, and Oregon, have either canceled or refused to renew the exchange’s money transmitter licenses. This threatens to fumble Binance.US’s standing in the lucrative US market and paints a gloomy picture for the exchange’s future.
