India’s FIU Intensifies Probe into Binance, WazirX Amid Cross-Border Crypto Terror Concerns

Key Points

1. FIU is probing Binance and WazirX for suspicious transactions tied to extremist groups, with a focus on TRX token transfers from India to Syria.

2. Binance settled a $2.25 million penalty in 2023 for AML violations, while WazirX faces a crucial hearing in Singapore on July 15 regarding platform accountability.

3. Authorities found Bitcoin used by Pakistan-based handlers to fund militant activities in Jammu & Kashmir, highlighting crypto's role in illicit financing.

4. India is reviewing its crypto framework to align with international standards, while Pakistan has established regulatory bodies like the Pakistan Crypto Council and PVARA.

5. India’s crypto trading volume reached $1.9 billion in late 2024, and Pakistan ranks among top global crypto adopters with 15–20 million users.