Key Points:
According to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Binance failed to register as a foreign money services business despite multiple opportunities and neglected to report virtual currency transactions exceeding C$10,000. Between June 2021 and July 2023, Binance allegedly failed to report 5,902 crypto transactions over $10,000, along with their associated know-your-customer (KYC) information.
These violations were discovered using blockchain explorer tools. This Binance financial penalty closely follows its agreement to pay U.S. regulators a $4.3 billion fine for violating anti-money laundering laws and former CEO Changpeng “CZ” Zhao‘s four-month U.S. prison sentence for inadequate KYC/AML measures.
Last year, Binance ceased operations in Canada, citing regulatory challenges. The exchange faces scrutiny from various regulators worldwide, including the U.S. Securities and Exchange Commission (SEC). Binance previously pleaded guilty to violating U.S. anti-money laundering laws and agreed to pay a hefty fine. Additionally, Binance is embroiled in legal battles in Nigeria, where it faces accusations of money laundering and tax evasion.
The Binance financial penalty by FINTRAC is part of Canada‘s efforts to enforce financial regulations. Notably, Toronto-Dominion Bank recently faced a C$9.19 million penalty for compliance failings related to monitoring and reporting suspected money laundering and terrorist financing.
Under Canada’s Proceeds of Crime and Terrorist Financing Act, administrative penalties aim to encourage businesses to improve compliance rather than punitive measures.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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