🔥Hot off the press! Binance, the world's largest crypto exchange, has been slapped with a hefty $2.2M fine by India's Financial Intelligence Unit (FIU) for non-compliance with anti-money laundering rules. Ouch!

But wait, there's more! Binance, along with KuCoin, were the first offshore crypto entities to be approved by the FIU back in May, but only on the condition of paying a penalty after a hearing.

The FIU stated, "the charges against Binance were substantiated," leading to the "total penalty" of approximately $2.2M. But hey, every cloud has a silver lining, right? 🌈

What's your take on this? Are hefty fines the way to ensure compliance in the crypto world? Let's get the conversation started! #BinanceFine #CryptoNews