India financial watchdog imposes $2.25 million penalty on Binance

MUMBAI, June 20 (Reuters) – India’s Financial
Intelligence Unit (FIU) imposed a fine of 188.2 million rupees
($2.25 million) on Binance, the world’s largest crypto exchange,
for operating in the country in violation of local anti-money
laundering regulations.

In May, Binance had registered with the FIU as the exchange
sought to resume operations in the country after being issued a
show-cause notice by the financial watchdog in December 2023,
along with eight other offshore exchanges that were operating in
violation of local rules.
($1 = 83.4970 Indian rupees)
($1 = 83.4940 Indian rupees)
(Reporting by Jaspreet Kalra; Editing by Sohini Goswami)