HomeBinanceBinance fined $4.4M by Canadian regulator for AML and CFT violations

Binance fined $4.4M by Canadian regulator for AML and CFT violations

-


FINTRAC Imposes $4.4 Million Penalty on Binance for AML/CFT Noncompliance

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed a hefty $4.4 million administrative penalty on Binance for failing to comply with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. This penalty comes after Binance failed to register as a foreign money services business and report digital currency transactions exceeding $10,000.

According to FINTRAC, Binance was fined 6,002,000 CAD for its noncompliance, which occurred during the period when the exchange was winding down its operations in Canada in 2023. Despite several opportunities to register with FINTRAC, Binance failed to meet the registration deadlines, leading to the imposition of the penalty.

This penalty is separate from the legal issues Binance is facing in other jurisdictions. In the United States, Binance settled with authorities and agreed to pay $4.3 billion in penalties, with former CEO Changpeng Zhao stepping down and pleading guilty to a felony charge. In Nigeria, two Binance executives were arrested for tax evasion and money laundering charges, with one of them reportedly escaping to Kenya.

The news of this penalty adds to the ongoing challenges faced by Binance in various countries, highlighting the importance of regulatory compliance in the cryptocurrency industry. Stay tuned for more updates on this developing story.

LATEST POSTS

Robinhood reveals receipt of Wells notice regarding its cryptocurrency operations

SEC Issues Wells Notice to Robinhood Crypto, Faces Potential Enforcement Action The popular trading app Robinhood Crypto has found itself in hot water with the...

Speculators Holding Ethereum Price at $3,000, Stifling Potential Rally

Analysis of Ethereum (ETH) Price Trends and Holder Behavior The world of cryptocurrency is abuzz with the latest developments surrounding Ethereum (ETH), the second-largest cryptocurrency...

The most significant cryptocurrency updates from the previous week

Top Crypto News Highlights from the Past Week: Bitcoin, Ethereum, Binance, Solana, and More! - By Luc Jose A. The crypto ecosystem has been buzzing...

Is Bitcoin Still a Good Investment After Dropping Over 10% Post-Halving?

The Halving Disappointment: Bitcoin's Long-Term Outlook Unchanged The recent Bitcoin halving event on April 19 may have led to a dip in the cryptocurrency's price,...

Most Popular