Binance has been fined $2.25 million by India's Financial Intelligence Unit (FIU) for operating in the country without complying with local anti-money laundering regulations.
In India, providers of virtual digital asset services, such as crypto exchanges, are required to register with the FIU as entities obliged to report and comply with its anti-money laundering guidelines.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
Binance had recently registered with the FIU in May, as the platform intended to resume operations in the country. This came after the watchdog sent notices to nine offshore exchanges for operating in violation of local regulations.
The FIU had also asked the Ministry of Electronics and Information Technology to block online access to these exchanges.