According to TechFlow, India's 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 show-cause notices by Indian authorities for “illegal operation” and were subsequently expelled from India.
However, Binance, along with KuCoin, became the first offshore crypto-related entity to receive approval from India’s Financial Intelligence Unit (FIU) in May, conditional on paying a fine following a hearing with the FIU.
