Binance Hit with $6 Million Fine for Money Laundering Violations in Canada

Thursday, 9 May 2024, 16:43
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) penalized Binance with a 6 million CAD fine for not registering as a foreign money services business and for failing to report virtual currency transactions exceeding $10,000 in a single trade. This regulatory action highlights the importance of compliance with anti-money laundering regulations in the cryptocurrency industry and serves as a warning to other crypto exchanges. Binance has been under increasing scrutiny from regulators worldwide, emphasizing the need for stricter compliance measures in the financial services sector.
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Binance Hit with $6 Million Fine for Money Laundering Violations in Canada

Binance Fined for Money Laundering Violations

Canadian financial regulator FINTRAC has imposed a hefty fine of 6 million CAD on Binance for violating anti-money laundering regulations.

Violations Identified

  • Failure to register as a foreign money services business
  • Failure to report virtual currency transactions over $10,000

This regulatory action by FINTRAC underscores the repercussions of non-compliance in the cryptocurrency industry.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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