Binance Fined $2.25M by India’s FIU for AML Violations

India's FIU fines Binance $2.25 million for failing to comply with AML regulations, marking a major challenge for the global crypto exchange.

Binance failed to register properly with India’s FIU and ignored local AML guidelines, leading to a hefty penalty of 188.2 million rupees.

Before the fine, Binance attempted to comply by registering with the FIU in May, following earlier warnings for non-compliance.

Binance faces ongoing challenges worldwide, including a $4.38 million fine in Canada for similar AML violations.

Regulators globally are tightening controls. Last year, former CEO Changpeng Zhao was sentenced to prison in the US for money laundering.

KuCoin, another major exchange, registered with the FIU in March but still faced a $415,000 penalty, highlighting strict enforcement.

Binance's fine underscores the need for global exchanges to adapt to varying regulations to avoid hefty fines and legal issues.

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