Techub News reported that according to CoinDesk, the Indian Anti-Money Laundering Department stated that Binance was fined approximately $2.2 million for providing services to customers in the country in violation of India's anti-money laundering regulations. In May of this year, Binance, together with KuCoin, became the first offshore crypto-related entities approved by the Indian Financial Intelligence Unit (FIU), on the condition that the fine was paid after a hearing by the FIU.

FIU stated in a statement that after considering Binance's written and oral submissions, the Director of FIU-IND found that the allegations against Binance were well-founded based on the materials on record. Therefore, the Director of FIU-IND ordered a total fine of approximately $2.2 million to Binance, and clearly instructed to ensure diligent performance of obligations.