The Indian government has rejected the plea by cryptocurrency exchange Binance to continue operations within the country. The government has insisted that Binance must comply with the Prevention of Money Laundering Act (PMLA) to be allowed to operate legally. The act was put in place to prevent practices linked with money laundering and illicit financial activities. This move by the government highlights the ongoing regulatory scrutiny faced by cryptocurrency firms worldwide.
Complying with the PMLA means that Binance must establish adequate procedures