India Probes Binance Over Crypto Transfers From Pakistan
Main Idea
India's Financial Intelligence Unit (FIU-IND) is investigating Binance over crypto transfers from Pakistan linked to illicit financing networks, amid broader security concerns.
Key Points
1. India’s Financial Intelligence Unit (FIU-IND) is probing Binance for crypto transfers from Pakistan suspected of being used for illegal activities.
2. Binance, registered with FIU since August 2024, has cooperated with investigators, while Wazirx denied involvement, citing halted operations since July 2024.
3. An Ahmedabad-based crypto scam involving Nepal-based fraudsters was uncovered with Binance’s assistance.
4. The investigation is part of broader concerns about illicit financing and compliance with anti-money laundering (AML) regulations in India.
Description
India’s financial intelligence unit is probing Binance and private crypto wallets over a suspected spike in cross-border transfers from Pakistan, potentially tied to illicit financing networks. Amid growing security concerns, India’s Financial Intelligence Unit (FIU-IND) is intensifying its investigation into Binance and several cryptocurrency exchanges over allegations of digital assets being funneled through private wallets
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