India’s banking regulator fines Binance $2.25 million

India’s banking regulator, BinanceIt required him to pay a penalty of 188.2 million Indian rupees ($2.25 million).

In an order dated Wednesday, the Financial Intelligence Unit penalized Binance for rule violations under the Anti-Money Laundering Act.

Possibly due to the exchange’s past operations in India without registration, the regulator said it had sent a notice in December 2023, requesting “Binance to explain why a proper process should not have been taken.”

The FIU also stated that it has issued strict instructions for Binance to ensure careful compliance with national AML regulations.

Binance, which was reportedly banned by Indian authorities in January, is trying to re-enter the Indian market.

This news was first published on the Coin Engineer website.