- Canada’s FINTRAC levied a $4.4 million penalty on Binance.
- Binance failed to comply with AML laws, claims FINTRAC.
- The regulator also found significant gaps in Binance’s compliance procedures.
Canada’s financial crime watchdog, the Financial Transactions and Reports Analysis Centre (FINTRAC), has fined Binance, the world’s largest cryptocurrency exchange by trading volume, a hefty penalty of 6 million Canadian dollars, equivalent to about $4.4 million USD.
As per a report from Bloomberg, this fine comes as a consequence of Binance’s failure to comply with laws related to money laundering and terrorist financing.
Fintrac identified several administrative violations, including Binance’s failure to register as a foreign money-services business and its alleged failure to report large virtual currency transactions of C$10,000 or more, along with the required information. These violations point to significant gaps in Binance’s compliance procedures.
This latest penalty adds to Binance’s growing list of regulatory and legal issues. The exchange has been under scrutiny by various regulatory bodies, including the U.S. Securities and Exchange Commission (SEC).…
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