🔥Hot off the press! Binance, the crypto exchange behemoth, just got slapped with a hefty fine of 188.2 million rupees ($2.25 million) by India's Financial Intelligence Unit (FIU) for not playing by the Anti-Money Laundering (AML) rules. Seems like they forgot to maintain and report transaction records while serving Indian clients. Oops!🙊

Binance, classified as a Virtual Digital Asset Service Provider under India's PMLA, was supposed to implement robust AML measures. But, alas, they dropped the ball. Indian authorities even issued show-cause notices to Binance, banning them for "operating illegally". Talk about a rough day at the office!😅

In another twist, Binance was one of the first offshore crypto entities approved by the FIU in May, but it came with a catch - pay a penalty after a hearing. And, the charges were confirmed after reviewing the director's submissions.

But hey, let's keep the optimism alive!💪 The crypto world is still young and full of opportunities. What are your thoughts on this? Share in the comments below! #DeFi #Web3 #CryptoNews

P.S. This isn't Binance's first rodeo with fines. They faced a $4.4 million penalty from Canada's FINTRAC for failing to register and report large digital transactions. Seems like Binance needs a better compliance officer. Any takers?😉