The leading crypto exchange, Binance, has been hit with a $2.2 million fine by India’s Financial Intelligence Unit (FIU). Notably, the penalty comes in response to Binance’s alleged non-compliance with local anti-money laundering (AML) regulations. This development marks a significant regulatory challenge for Binance as it navigates complex international financial laws.
India Imposes $2.25M Fine On Binance
India’s Financial Intelligence Unit (FIU) has imposed a substantial fine on Binance, amounting to 188.2 million rupees or $2.25 million, for failing to adhere to the country’s anti-money laundering regulations. According to the FIU, Binance operated within India without proper registration and did not comply with local anti-money laundering (AML) requirements, prompting a hefty penalty.
For context, India mandates the crypto exchanges and other virtual asset service providers to register with FIU as reporting entities and adhere to strict AML guidelines. Binance’s oversight
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