India financial watchdog imposes $2.25 million penalty on crypto exchange Binance

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

India requires virtual digital asset service providers like crypto exchanges to be registered with the FIU as a reporting entity and comply with its anti-money laundering rules.

Source: REUTER