The world's largest cryptocurrency exchange, Binance, has been fined 188.2 million rupees ($2.25 million) for operating in the country in violation of local anti-money laundering regulations.

India requires providers of virtual digital asset services, such as cryptocurrency exchanges, to be registered with the Financial Intelligence Unit (FIU) as a reporting entity and to comply with its anti-money laundering rules. Binance registered with the CRF last May to resume its activities in the country after the supervisory body sent formal notices to nine offshore exchanges operating in violation of local rules. The supervisory authority had also asked the Ministry of Electronics and Information Technology to block online access to stock exchanges.