The #Binance - FIU fine is far more significant than people realize. The government may not invoke it widely for enforcement but it would be good for #crypto firms to be prepared in their roadmaps.

All entities being fined are extra-territorial - one in Cayman, one in Seychelles and one in Switzerland (ZUG). 

Their violation is to service #India customers without registering with the #FIU. If you check the FIU guidelines, non-registration is in itself considered a violation. 

This sets a legal precedent and opens floodgates to enforcement against a vast array of crypto firms that may be running operations in similar ways. The definition of Virtual Asset activities under Indian law is quite broad & could cover a whole host of actors.
#Binance #crypto