HomeBinanceCanada Imposes $4.4M Fine on Binance for AML Violations

Canada Imposes $4.4M Fine on Binance for AML Violations

-


Binance Faces Another Huge Settlement Fee for Money Laundering Violations

Binance, one of the top digital assets service providers, is facing yet another hefty settlement fee from financial regulators, this time in Canada. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance 6 million Canadian dollars, equivalent to $4.3 million, for violating money laundering and terrorist financing laws.

According to FINTRAC, Binance failed to register as a foreign money service business in Canada before offering its services to Canadians. Despite multiple deadlines given by the agency, Binance did not comply and eventually exited the Canadian market last year. However, the exchange continued to process cryptocurrency transactions from Canadian users without conducting proper Know-Your-Customer (KYC) procedures.

This latest fine adds to Binance’s woes, as the exchange was previously fined $4.3 billion by the United States Department of Justice in December 2023. The company is also facing allegations of market manipulation on its platform, which it has vehemently denied.

In addition to its troubles in Canada, Binance is also facing regulatory challenges in Nigeria. The Nigerian government has accused Binance of tax evasion and currency manipulation, leading to the arrest of Binance executive Tigran Gambaryan. Binance’s CEO Richard Teng has called for Gambaryan’s release, alleging that there were attempts to bribe government officials with $150 million to resolve the issues.

The Nigerian government has denied these allegations and emphasized that Binance’s actions in the country will need to be addressed in court. As Binance continues to navigate these regulatory challenges in key markets, the future remains uncertain for the popular crypto exchange.

LATEST POSTS

VanEck Executive Discloses Future Plans for Spot Ethereum ETF Following SEC Approval of S-1 Application

VanEck's Spot Ethereum ETF Approval and Future Prospects VanEck's Digital Asset Research Chief, Matthew Sigel, recently discussed the groundbreaking regulatory progress surrounding the firm's Spot...

Bitcoin’s surge and selective memory spark renewed interest in the cryptocurrency market

Bitcoin's Rally Sparks Revival of Animal Spirits in Financial Markets The resurgence of Bitcoin and the broader cryptocurrency market is sparking a renewed sense of...

Will Bitcoin Reach $100,000 in 2024 with a Major Upward Movement?

Bitcoin's Journey to $100,000: Will 2024 Be the Year? Bitcoin continues to defy expectations as its price climbs to new heights, with the coveted $100,000...

Binance Increases Support for LUNC, USTC, LUNA, SHIB, and More Cryptocurrencies

Binance TH Announces New Crypto Listing and Trading Pairs on June 11, 2024 Binance TH, the Thailand arm of the popular crypto exchange Binance, has...

Most Popular