Canada Slaps Binance with $4.4 Million Fine
Canada Slaps Binance with $4.4 Million Fine
Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) recently imposed a nearly $4.4 million fine on the global crypto exchange Binance.
FINTRAC found that Binance flouted Canadian rules mandating registration as a foreign money services business despite warnings and extended deadlines. The crypto exchange failed to report over 5,900 virtual currency transactions worth $7,266.57 or more each from June 1, 2021, to July 19, 2023, underscoring the challenges in monitoring large crypto transactions and the need for enhanced oversight.
Regulatory Challenges for Binance
- Anticipated Fine: $4.38 million
- Flouted Laws: Canadian AML regulations
- Transgressions: Unreported 5,900+ transactions
- Global Trend: Increased scrutiny on crypto exchanges
- Market Impact: Emphasis on transparency and accountability
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.