The Financial Intelligence Unit has imposed a penalty of Rs 18.82 crore on Binance, one of the world's largest cryptocurrency exchanges, for allegedly violating the country's anti-money laundering laws. In an order issued on Thursday, the federal agency accused Binance of "dereliction of duty" in its role as a reporting entity. The exchange's activities as a Virtual Digital Asset Service Provider were found to be non-compliant with the Prevention of Money Laundering Act (PMLA).
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