- The biggest cryptocurrency exchange in the world, Binance, has been fined Rs 18.82 crore by the Financial Intelligence Unit in India (FIU-IND) in an order that was issued on June 19.
- “After considering the written and oral submissions of the Binance, Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated,” the most recent notice said.
- Binance has finished its first registration in the nation and is being assessed for further compliance procedures, according to statements made by Vivek Aggarwal, Director, FIU-IND and further Secretary, Department of Revenue, Government of India, last month.
- Competitor KuCoin, however, paid a Rs 34.5 lakh penalty cost to complete its registration and launch.(The tale is still evolving. For updates, kindly check back.)
Source:
tradingview
