Binance, one of the world's largest cryptocurrency exchanges, fined 188.2 million Indian Rupees by India's FIU for breaching anti-money laundering regulations.
The FIU's penalty order was issued to Binance for operating in India without complying with AML laws, alongside providing instructions for future compliance.
Cryptocurrency exchanges like Binance face increasing global regulatory scrutiny primarily for AML and KYC practices.
Binance's founder, Changpeng Zhao, is facing potential prison time in the U.S., while company representatives in Nigeria were arrested amid operational halts.
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