Cryptocurrency exchange Binance has been fined $2.2 million by India's Financial Intelligence Unit for violating the country's AML rules.

This shows that global cryptocurrency exchanges are increasingly being monitored by regulators. India takes a tough stance against any entity that does not comply with AML rules.

This highlights the challenges cryptocurrencies face with regulation around the world. This penalty from Binance could slow down the pace of adoption of cryptocurrencies worldwide.

Such market-wide regulatory pressures could cast a shadow over the future growth of cryptocurrencies. This may be one of the biggest obstacles to mainstream acceptance and adoption of cryptocurrencies.