I'm here with a news story that begins, "Binance, the world's largest cryptocurrency exchange, was fined $2.2 million (INR 18.82 crore) for providing services without complying with India's money laundering rules." 😱😂

Binance and several other foreign cryptocurrency exchanges were kicked out of India in January 2024 for "illegal trading". However, Binance, along with KuCoin, became the first foreign cryptocurrency to be approved by India's Financial Intelligence Unit (FIU) in May, with the condition of paying a fine after a hearing. 🎉👏

The FIU announcement stated that "the charges against Binance have been confirmed" and ordered to impose "a total fine of approximately $2.2 million on Binance" and to issue "specific instructions to ensure the scrupulous fulfillment of obligations." 😅💸

Binance did not immediately respond to CoinDesk's request for comment. However, we wonder how this situation will be reflected in the world of DeFi and Web 3.0. What are you thinking? We are waiting your comments! 🚀🌐

#Binance#DeFi#Web3#Cryptocurrency#India#Fine