India's financial intelligence agency fines Binance $2.2 million

ChainCatcher news, according to CoinDesk, India's financial intelligence unit has imposed a fine of $2.2 million on Binance for failing to comply with anti-money laundering regulations. In January 2024, Binance and several other offshore cryptocurrency exchanges were issued a show-cause notice by Indian authorities for "illegal operations" and were subsequently expelled from India.
Binance and KuCoin became the first offshore crypto-related entities approved by India's Financial Intelligence Unit (FIU) in May, but on the condition that they pay the fine after a hearing with the FIU.