🚨 #Binance Fined $2.2M by India's FIU 🚨
Binance, the world's largest cryptocurrency exchange, has been fined $2.2 million (Rs 18.82 crore) by India's Financial Intelligence Unit ( #FIU ) for non-compliance with local anti-money laundering regulations. This is the highest fine ever imposed on a crypto entity in India.
Key points:
🔹 Non-Compliance Issues: Binance failed to provide principal officer details and lacked mechanisms to detect and report suspicious transactions.
🔹 Record Penalty: The fine of $2.2 million is unprecedented in India's crypto industry.
🔹 Future Compliance: Binance has completed its initial registration with the FIU and is expected to fully comply with all regulations moving forward.
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