Binance fined $2.2 million by India’s Financial Intelligence Unit

India's anti-money laundering department announced Thursday that Binance was fined approximately $2.2 million for providing services to customers in the country in violation of India's anti-money laundering regulations. In May this year, Binance, along with KuCoin, became the first offshore crypto-related entities to be approved by India's Financial Intelligence Unit (FIU) on the condition that the fine be paid after a hearing held by the FIU. In a statement, the FIU said: "After considering the written and oral submissions of Binance, the Director of FIU-IND found that the allegations against Binance were well-founded based on the materials on record. Therefore, the Director of FIU-IND ordered a total fine of approximately $2.2 million on Binance with clear instructions to ensure diligent performance of obligations." (CoinDesk)