Overview

• India's Financial Intelligence Unit imposed the fine for Binance's failure to adhere to the Prevention of Money Laundering Act.
• Binance and other offshore exchanges were issued notices for operating in India without proper registration.
• The fine follows Binance's recent registration with India's FIU, conditional on compliance and penalty payment.
• Crypto leaders in India emphasize the importance of regulatory compliance for industry stability and user protection.
• Binance has faced similar regulatory actions in other countries, including the US and Canada.