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In May, Binance and KuCoin became the first offshore crypto-related entities to receive conditional approval from India’s Financial Intelligence Unit (FIU) upon payment of a penalty. Binance, the world’s largest cryptocurrency exchange, has been fined approximately $2.2 million (18.82 crore INR) for providing services to Indian clients without complying with the nation’s anti-money laundering regulations, as announced by India’s anti-money laundering unit on Thursday.

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In January 2024, Binance and several other offshore cryptocurrency exchanges received showcause notices from Indian authorities and were subsequently barred from operating in India for “operating illegally.” However, after a hearing with the FIU, Binance became the first offshore crypto-related entity, along with KuCoin, to be conditionally approved by India’s FIU upon payment of a penalty.

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“After reviewing the written and oral submissions of Binance, the Director of FIU-IND, based on the available evidence, found the charges against Binance to be substantiated,” the FIU statement said.

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“We urge all industry participants to strictly adhere to laws related to anti-money laundering (AML) and combating the financing of terrorism (CFT),” stated Dilip Chenoy, Chairman of the Bharat Web3 Association.

Related: The Prospering Cryptocurrency Industry in India Despite Unfavorable Taxation

As a result, the Director of FIU-IND imposed a “total penalty” of approximately $2.2 million on Binance along with “specific directions to ensure diligent compliance with the obligations.”

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