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India Fines Binance $2.25m Amid Ongoing Trial In Nigeria
Binance has been hit with a fine of 188.2 million rupees ($2.25 million) by India’s Financial Intelligence Unit (FIU) as the crypto exchange firm battles for its reputation in an ongoing court trial in Nigeria.
In India, virtual digital asset service providers like crypto exchanges are required to be registered with the FIU as a reporting entity and comply with its anti-money laundering rules.
In May, Binance had registered with the FIU as the exchange sought to resume operations in the country after the watchdog issued show-cause notices to nine offshore exchanges operating in violation of local rules.
A document titled ‘Order in original No. 10/DIR/FIU-IND/2024 in the matter of Binance u/s Section 13 dated 19.06.2024’, obtained by Channels Television on Thursday, India’s Financial Intelligence Unit (FIU) said the fine was for violating its money laundering law.
The Indian Authority said Binance as a registered entity in the country, has violated three sections of the country’s Prevention of Money Laundering Act (PMLA), 2002.
“Consequently, due to Binance’s ongoing provision of services to Indian clients and operations within India without adhering to its statutory obligations under the PMLA a Notice dated December 28, 2023, was issued to Binance pursuant to Section 13 of the Act, compelling Binance to demonstrate why appropriate action should not be undertaken against it for its dereliction of duties under the Act, despite its status as a Reporting Entity owing to its operations as a Virtual Digital Asset Service Provider (VDA SP),” India’s FIU said.
“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. Consequently, the Director FIU-IND vide order dated 19th June 2024 in the exercise of powers under Section 13 PMLA, imposed a total penalty of Rs. 18,82,00,000 (Rupees Eighteen Crore Eighty Two Lakh Only) on the Binance with reference to the following violations committed by the Binance: Contravention of Section 12(1), PMLA rw Rules 7(1), PML Rules (i) Contravention of Section 12(1), PMLA rw Rules 3(1)(D) and 7(3), PML Rules () Contravention of Section 12(1), PMLA r’w Rule 8(2) PML Rules
“Furthermore, specific directions have also been issued to Binance to ensure diligent compliance with the obligations outlined in Chapter IV of the Prevention of Money Laundering Act (PMLA) of 2002, in conjunction with the PMLA Maintenance of Record Rules (PMLA Rules) of 2005 for the prevention of money laundering activities and combating the financing of terrorism (AMLCFT).”
This is as Nigeria’s Federal Inland Revenue Service (FIRS), has filed a case of tax evasion against the company.
The Economic and Financial Crimes Commission (EFCC) has also accused it of laundering more than $35m through its platform.
The Federal Government recently accused the cryptocurrency exchange of influencing foreign exchange (FX) rates, leading to stricter oversight of crypto trading platforms.
In February, it detained two senior Binance executives: Nadeem Anjarwalla, a 37-year-old British-Kenyan who serves as the regional manager for Africa, and Tigran Gambaryan, a 39-year-old American who is the head of financial crime compliance at Binance.
Following the Federal Government’s ban on cryptocurrency channels and as part of a campaign against currency speculation, the Binance executives visited Nigeria for a meeting.
Although the Federal High Court last week discharged Gambaryan and fleeing Anjarwalla from the Federal Inland Revenue Service (FIRS) tax evasion case against Binance, the FIRS has filed amendment charges against them with Binance as the sole defendant.
Members of the Enugu State Caucus of Peoples Democratic Party, ( PDP) in the House of Representatives, Rt. Hon. Nnolim Nnaji , Rt. Hon. Martins Oke and Hon Anayo Onwuegbu have welcomed Rt. Hon. Dennis Agbo and Hon. Chidi Mark Obeta of Labour Party, (LP) to the PDP fold.
They observed that the visionary leadership of Dr Peter Ndubuisi Mba in Enugu State has ignited massive decamps and unprecedented upsurge of membership of the Peoples Democratic Party, (PDP) in the state.
The caucus in a statement issued after the two members of the House of Representatives, Rt. Hon Dennis Agbo of Igboeze North/ Udenu and Chidi Mark Obeta who represents Nsukka/Igboeze South formally announced their transfer of membership to PDP at the resumption of House plenary on Tuesday said it was gladdening to receive them into the PDP fold.
They stressed that PDP in Enugu State was witnessing a great rebirth as a result of the transformative development agenda being unleashed in various sectors of the economy of the state by Governor Mba which has received global commendations.
The Enugu State caucus Leader, Rt. Hon. Nnolim Nnaji on behalf of the members further noted that Governor Mba’s investments in infrastructure, agro economy, and security among others have made Enugu State a tourist’s haven adding that with the good governance structure he has put in place, his second tenure would be a walkover.
Speaker of the Delta State House of Assembly, Rt. Hon. Emomotimi Guwor, along with twenty-one other former members of the Peoples Democratic Party (PDP), elected into the Assembly has officially defected to the All Progressives Congress (APC), following a major realignment of political stakeholders across the state.
The defection of the twenty-two lawmakers has effectively transformed the Delta State House of Assembly into a one-party legislature, as the remaining seven members were originally elected on the ticket of the APC.
Announcing the development on Tuesday during the resumption of plenary after the Easter break, the Speaker stated that the decision was the result of extensive consultations with their constituents and political leaders throughout the state.
He emphasized that the move aligned with Section 109 of the 1999 Constitution, as amended.
While expressing appreciation to members for their contributions so far, Guwor urged the House to ensure the completion of all pending bills as the second legislative session nears its end.
He noted that the political shift towards the APC was in response to the realignment of stakeholders and the desire to align with the Federal Government under President Bola Tinubu’s leadership.
“The mass defection of members of the Peoples Democratic Party, led by Governor Sheriff Oborevwori, to the All Progressives Congress was made in the overall interest of Deltans and the state,” the Speaker said.
He explained that the decision followed extensive consultations held on April 23 and which cumulated on the official reception on April 28, 2025, at the Government House and the Cenotaph, respectively.
He said: “We are fully committed to partnering with the Federal Government to deliver greater development to Deltans.
“On behalf of the House, I commend the courage and visionary leadership of our Governor, Rt. Hon. Sheriff Oborevwori, in making this strategic and timely decision.
“As a legislative body, we stand with His Excellency in this endeavour. This renewed partnership between the state and Federal Government must be supported and allowed to flourish, so that we can begin to enjoy its benefits in the shortest possible time.”
He informed the House that he had received twenty-two letters (including his own) notifying of the change of party affiliation from the PDP to the APC.
The defection, he said, was driven by instability within the PDP’s national leadership and factional divisions within the South-South Zonal Executive Committee, leading to internal conflicts and disunity within the party.
Citing Section 109(1)(g) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), the Speaker affirmed the constitutional basis for the defection.
“With this action, the Delta State House of Assembly is now composed entirely of members from the All Progressives Congress. We thank our constituents for endorsing this progressive course of action”.
A motion to adopt the letters of party change was moved by the Majority Leader, Hon. Emeka Nwaobi, and seconded by Hon. Ferguson Onwo, who represents Isoko South II.
Speaking to journalists after the plenary, the Majority Leader, Hon Emeka Nwaobi reiterated that the defection was prompted by the crisis within the PDP.
“Our decision was based on the instability at the national level and the factionalization at the South-South level. Consequently, we chose to move to the ruling All Progressives Congress, in accordance with Section 109 of the 1999 Constitution, as amended,” he said.
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