Indian financial watchdog imposes $2.25m penalty on crypto exchange Binance

India’s Financial Intelligence Unit (FIU) has imposed a fine of $2.25 million on the world’s largest crypto exchange, Binance, for operating in the country in violation of local anti-money laundering regulations.

India requires virtual digital asset service providers like crypto exchanges to be registered with the FIU as a reporting entity and comply with its anti-money laundering rules.

Binance did not immediately respond to an email seeking comment.

In May, Binance had registered...