🔴The Financial Intelligence Unit of India (FIU-IND) has imposed a fine of 188.2 million rupees ($2.25 million) on crypto exchange Binance for providing services to Indian clients without complying with national anti-money laundering regulations.

- Binance operates as a Virtual Digital Asset Service Provider, which obliges it to support and report transactions and maintain robust anti-money laundering measures.

- However, FIU-IND's investigation found that Binance failed to meet these obligations by providing services to Indian clients.

- In May, Binance became the first foreign crypto entity to be approved by the Indian Financial Intelligence Unit (FIU), subject to payment of a fine after a hearing with the FIU.

Binance has also received fines in other countries for failing to comply with anti-money laundering laws.