ChainCatcher news, according to CoinDesk, the Indian Financial Intelligence Unit fined Binance $2.2 million for failing to comply with anti-money laundering regulations. In January 2024, Binance and several other offshore cryptocurrency exchanges were issued a show cause notice by Indian authorities for "illegal operation" and were subsequently expelled from India.

However, Binance, along with KuCoin, became the first offshore crypto-related entity approved by the Indian Financial Intelligence Unit (FIU) in May, but on condition that the fine be paid after a hearing with the FIU.