India’s DGGI Issues Rs 722 Crore (86.88 Million) GST Fine Notice to Binance

Quick Summary:

Investigations have revealed that these earnings were credited to an account of Nest Services Limited, a Binance Group company based in Seychelles.

Earlier this year, Binance was approved by India’s Financial Intelligence Unit (FIU) to register as a virtual asset service provider (VASP).

However, last month, the FIU imposed an ₹18 crore fine on Binance for failing to adhere to anti-money laundering (AML) regulations.

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Article Details

Author / Journalist: Mustafa Mulla

Category: Crypto

Markets: United StatesCayman IslandsIndiaNigerNigeriaSeychellesSwitzerland

Topics: Regulations Dggi Crypto Crore Binance Cryptocurrency Notice Issued India’s Services Indian

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-06 @ 08:22:10 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: coinpedia.org

Language: English

Article Length: 389 words

Reading Time: 3 minutes read

Sentences: 30 lines

Sentence Length: 13 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coinpedia

News ID: 21954144

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