India’s Financial Intelligence Unit (FIU) has issued a fine of $2.25 million USD to Binance for violating the country’s anti-money laundering regulations. The FIU is a central national agency in India that is in charge of monitoring and controlling financial activities in the country and identifying patterns and suspicions of money laundering crimes.
According to the FIU, Binance online access was blocked along with 8 other offshore exchanges for operating in violation of local rules. Binance was required to register with the FIU as a reporting entity and comply with the anti-money laundering regulations, which the company failed to do.
The report further mentions that Binance registered with the FIU in May, which will allow the exchange to resume operations in the country.
Last month, the Incognito Blog reported a $4.38 million USD fine on Binance by the Canadian anti-money laundering agency.
