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

Solid backing suggests promising growth prospects

Ethereum Price Consolidates Near $3,800 Support The price of Ethereum has been on a rollercoaster ride, with the cryptocurrency testing the $3,700 support level before...

Ethereum Experiences $3 Billion Outflow from Crypto Exchanges Following ETF Approvals

Ether Reserves on Exchanges Drop by $3 Billion Following Approval of Spot Ether ETFs Title: $3 Billion Worth of Ether Removed from Exchanges Following Approval...

Bitcoin’s price could potentially surge to $130,000 by September 2025 following the halving event.

Bitcoin (BTC) Bull Market Cycle Peak Predicted to Reach $130,000 to $150,000 by September, Says Trader Peter Brandt Crypto trader Peter Brandt predicts that Bitcoin...

Slow Decentralization of Ethereum Layer 2s Exposed by Linea Blockchain Halt

Ethereum Layer-2 Blockchain Linea Halted After Hack: Importance of Decentralization, Says Matter Labs CEO The recent hack on Ethereum layer-2 blockchain Linea has sent shockwaves...

Most Popular