India finance ministry and Binance
The largest cryptocurrency trading company in the world, Binance, has become the target of significant action by the Indian Finance Ministry. The nation's financial intelligence unit, commonly known as the FIU, has fined a person Rs 18.82 crore, or 2.25 million USD, for breaking money laundering laws and regulations. The Financial Intelligence Unit (FIU) has provided information and sent out a notification in this regard. According to the FIU notification, the Director of FIU-INDIA has determined that, based on the material available on file, the accusations made against Binance Exchange are true, after Binance Exchange's written and oral response.
In addition, the Financial Intelligence Unit (FIU) of India announced in its notification that Binance, the world's largest cryptocurrency exchange, will be required to pay a fine of Rs 18.82 crore, or 2.25 million USD. Aside from this, Chapter IV of PMLA 2002 must be followed by the Binance cryptocurrency exchange. In order to stop money laundering and stop funding terrorism, Binance will also need to keep records of every transaction in accordance with the PMLA Record Rules and Regulation 2005.
Although the Canadian government penalized Binance, India is not the first nation to pursue legal action against the exchange. The Canadian authorities penalized the Binance exchange a while back. The Anti-Money Laundering Agency of Canada fined balance $4.38 million in May for breaking anti-money laundering regulations. In addition, the US District Judge imprisoned Changpeng Zhao, the CEO of Binance, for four months. Now only time will tell what will happen because the government is not going to support fully to crypto and blockchain technology because according to them crypto is thread for fiat.
They don't want decentralization so crypto community have to face such problems. ??
