Binance Fined $2.2M by India’s Financial Intelligence Unit
Summary
Binance, the world's largest cryptocurrency exchange, has been fined around $2.2 million by India's anti-money laundering unit for providing services to Indian clients without following the country's anti-money laundering rules. Binance and other offshore cryptocurrency exchanges were removed from India in January 2024 for operating illegally. However, Binance and KuCoin were approved by India's Financial Intelligence Unit (FIU) in May, on the condition of paying a penalty after a hearing with the FIU. The FIU found the charges against Binance substantiated and ordered the imposition of the penalty along with specific directions for diligent compliance with obligations.
