Binance Fined by India's FIU

India's Financial Intelligence Unit (FIU) has ordered Binance to pay a hefty fine of 188.2 million Indian Rupees ($2.25 million).

The fine, imposed under the country's Prevention of Money Laundering Act, highlights Binance's failure to comply with local anti-money laundering (AML) regulations.

The FIU's order, dated Wednesday, followed a notice issued in December 2023. This notice compelled Binance to justify why it should only face action for its past services and operations within India with proper registration. The FIU emphasized the need for Binance to ensure diligent compliance with the country's AML laws.

"Binance did not immediately respond to The Block's request for comment."

LayerZero's ZRO Token Gains Traction

While Binance grapples with regulatory issues, it has also announced the listing of LayerZero's native token, ZRO.

The omnichain interoperability protocol has garnered substantial support from major crypto exchanges. After a successful airdrop, exchanges like Upbit, Bybit, Gate, HTX, Bitget, OKX, MEXC, KuCoin, and Bithumb have all listed ZRO.

Binance, the world's largest crypto exchange, will list ZRO with a seed tag applied, indicating the token's innovative yet volatile nature.

The exchange has introduced spot trading pairs such as ZRO/BTC, ZRO/USDT, ZRO/FDUSD, and ZRO/TRY. Deposits for ZRO began on June 20, with withdrawals opening a day later.

Upbit Joins the ZRO Bandwagon

South Korea's top crypto exchange Upbit has also listed ZRO, joining the ranks of other major exchanges. Upbit offers trading pairs in KRW, BTC, and USDT. The exchange supports deposits and withdrawals of LayerZero tokens exclusively through the Ethereum network and has implemented the lowest selling price limit.

LayerZero Airdrop Success

The LayerZero Foundation initiated the ZRO token airdrop, with 1.28 million wallets eligible to claim the tokens. Bryan Pellegrino, co-founder and CEO of LayerZero Labs, revealed the airdrop's impressive reach, which contributes to the token's growing popularity.

Binance's regulatory challenges and the surge in ZRO token listings paint a dynamic picture of the crypto market's evolving landscape. As regulations tighten and new tokens emerge, the industry navigates a complex and rapidly changing environment.