India’s Financial Intelligence Unit (FIU) Fines Binance $2.25M
India’s FIU has levied an 188.2 million rupee ($2.25 million) fine on Binance for failing to comply with the nation’s Anti-Money Laundering (AML) regulations. On Thursday, June 19, the agency announced that the penalty applies to multiple violations of the Prevention of Money Laundering Act (PMLA), 2002. About the case Binance meets the criteria for […]
Peru Adopts India’s Unified Payments Interface (UPI)
The Central Bank of the Republic of Peru (BCRP), partnering with the Reserve Bank of India, will establish a system comparable to India’s Unified Payments Interface (UPI). The BCRP and the Reserve Bank of India (RBI) jointly established the National Payments Corporation and participated in the transaction. The new system will facilitate financial inclusion in […]
Binance, KuCoin Crypto Exchanges Receive FIU Approval in India
Despite the crypto regulatory ban in India, Binance and KuCoin exchanges have obtained approval from India’s Financial Intelligence Unit (FIU). The FIU of India’s authorization of Binance and KuCoin represents a turning point in the regulatory landscape following a period of regulatory ambiguity and prior prohibitions on offshore cryptocurrency entities. This action represents a pivotal […]
DePIN Project to Improve Internet Access in India
Decentralized internet service company Wifi Dabba recently revealed intentions to disperse more than 100,000 devices throughout India to increase internet connectivity. These devices, hosted on the Solana blockchain, are part of the DePIN project, which aims to connect the unconnected by the end of the year. In India, a nation of over 1.4 billion people, […]
OKX Exchange Ceases Operation in India
Following the compliance notices of the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance to nine foreign crypto exchanges, the OKX cryptocurrency exchange has ceased operations in India. On March 21, OKX notified its Indian clientele, requesting that they terminate their accounts and withdraw funds before April 30. The cryptocurrency exchange attributed its […]