Analysis
FIU-IND Has Fined Binance, Bybit and KuCoin ₹28.435 Crore. Coinbase Got a Warning
The four FIU-IND orders against crypto platforms under the PMLA: amounts, dates and what each order says.
The short version: FIU-IND's compliance orders page lists four orders under Section 13 of the PMLA against VDA service providers: penalties of ₹18.82 crore on Binance, ₹9.27 crore on Bybit and ₹34.5 lakh on KuCoin, ₹28.435 crore in total, and a warning to Coinbase (FIU-IND orders). All four are among the 54 VDA SPs registered as on 9 March 2026, and all four are also named on the takedown list.
| Platform | Order date | Order | Outcome |
|---|---|---|---|
| KuCoinPeken Global Limited | 22 Mar 2024 | 08/DIR/FIU-IND/2024 | ₹34.5 lakh |
| BinanceBinance | 19 Jun 2024 | 10/DIR/FIU-IND/2024 | ₹18.82 crore |
| BybitBybit Fintech Limited | 31 Jan 2025 | 15/DIR/FIU-IND/2024 | ₹9.27 crore |
| CoinbaseCoinbase India Private Limited, Coinbase Inc. | 6 Mar 2025 | 16/DIR/FIU-IND/2024 | Warning |
The Orders
KuCoin (Peken Global Limited), 22 Mar 2024: ₹34.5 lakh for violations of Section 12(1) PMLA read with Rule 7 of the PML Rules, after a notice of 28 December 2023. Binance, 19 Jun 2024: ₹18.82 crore, after the same December 2023 notice. Bybit (Bybit Fintech Limited), 31 Jan 2025: ₹9.27 crore; FIU-IND said Bybit kept expanding in India without registering and had its websites blocked through the IT ministry (PIB). Coinbase (Coinbase India Private Limited, Coinbase Inc.), 6 Mar 2025: a warning under Section 13(2)(a); the order says Coinbase India failed to comply within the prescribed timeline, kept up correspondence with FIU-IND and ceased its operations in India.
FIU-IND's orders page lists these orders with dates that differ from the dates printed in the orders for Bybit and Coinbase; we use the dates in the orders. Each FIU-IND summary says it is “only representational in nature and does not hold any legal significance”.
Sources
- FIU-IND compliance orders fiuindia.gov.in
- PIB, 31 January 2025 www.pib.gov.in