Binance Fined $2.2 Million by India’s Financial Intelligence Unit; Argentina Takes the El Salvador Route, President Javier Milei Promotes Bitcoin

Binance, the world's largest cryptocurrency exchange, has been fined approximately $2.2 million (18.82 crore INR) for providing services to Indian clients without adhering to the nation's anti-money laundering rules, India's anti-money laundering unit announced Thursday.

Binance and several other offshore cryptocurrency exchanges were issued showcause notices by Indian authorities and subsequently removed from India for "operating illegally" in January 2024.

However, Binance became the first offshore crypto-related entity, along with KuCoin, to be approved by India's Financial Intelligence Unit (FIU) in May, conditional to paying a penalty after a hearing with the FIU.

Argentina Takes the El Salvador Route, President Javier Milei Promotes Bitcoin

Argentinian President Javier Milei expressed his support for an open competitive market for currencies, including Bitcoin. Despite being known for his pro-crypto stand, this is one of the first instances where Milei has specifically mentioned about the use of Bitcoin.
Javier Milei Promoting Bitcoin

The recent Bitcoin mention from Argentinian President Javier Milei comes in response to former VanEck executive Gabor Gurbacs who said “Bitcoin a todos” meaning “Bitcoin for everyone”. Responding in Spanish, Milei said:

"There will be free competition of currencies so if you want to use Bitcoin there will be no problems... and you can also use other units such as WTI, BTU and the one that is most appropriate for your business... In accounting terms, it is solved by the functional currency method".

The Bitcoin community has cheered this comment from Milei with Gurbacs appreciating the support for Bitcoin extended by Javier Milei and El Salvador President Nayib Bukele. He said: "The world has much to learn from the modern economic blueprint in Central and South America, with Argentina and El Salvador leading".

Ever since Javier Milei became the President of Argentina last November, he has been taking measures to improve the country's derailed economy. Several analysts have been suggesting Milei to adopt Bitcoin as part of the country's Treasury. However, unlike El Salvador, Milei hasn't taken any official stand in this regard so far. However, the Argentinian agencies are collaborating with El Salvador counterparts to craft their own Bitcoin adoption strategy.

Moreover, top crypto market players are closely observing Milei's policy-making and pro-crypto stand with Cardano founder Charles Hoskinson recently showing interest in expanding in Argentina.
Argentina's Crypto Adoption

As a solution to the country's economic woes, Argentinian President Javier Milei has been pushing the adoption of digital currencies. Previously, he has also praised Bitcoin's scarcity-driven growth model stating that the asset class provides greater monetary power to people.

Amid strong economic measures in place, Milei has also been able to grab the attention of top industry players. Recently, Musk also endorsed investing in Argentina amid the country's positive economic development. It will be interesting to see whether Bitcoin takes center stage in the country's core economic policies.