India's Financial Intelligence Unit imposed a $2.2M fine on Binance

• Binance receives a $2.2 million fine from India's Financial Intelligence Unit.
  
• The anti-money laundering unit approved Binance in May, with the condition of paying a penalty.

India's anti-money laundering unit reported that Binance, the biggest cryptocurrency exchange globally, received a fine of around $2.2 million (18.82 crore INR) for not complying with India's anti-money laundering regulations while serving Indian customers.

Indian authorities issued show-cause notices to Binance and various other offshore cryptocurrency exchanges in January 2024, leading to their removal from India for allegedly operating illegally.

In May, Binance and KuCoin were both granted approval by India's Financial Intelligence Unit (FIU) as the initial offshore crypto-related entities, contingent on paying a fine post a FIU review.

We acknowledge the FIU's directive and are currently examining it to decide on our next actions. We appreciate the chance to carry on serving the lively Indian crypto community through our mission. We are eager to collaborate with the FIU as a reporting entity and are excited about reentering the Indian market to make a positive impact, if possible shortly. In a statement, Binance affirmed its commitment to upholding transparency, promoting collaboration, and adhering to regulatory authorities.