Binance fined $4.38 million by Canadian authorities
Binance fined $4.38 million by Canadian authorities
Canada's anti-money laundering agency, the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), has fined cryptocurrency exchange Binance nearly C$6 million (US$4.38 million).
Binance was fined by Canadian authorities for regulatory non-compliance, specifically for violating anti-money laundering and terrorist financing laws.
FINTRAC found that Binance failed to register with the agency as a foreign money services business and missed several deadlines to do so.
In addition, between June 1, 2021, and July 19, 2023, Binance failed to report 5,902 transactions involving the receipt of more than C$10,000 in virtual currency, Reuters reported.
Despite ceasing operations in Canada last year, Binance remains under scrutiny for its past activities.
The company agreed to pay the fine and expressed its willingness to work with regulators to clarify the situation and continue to comply with the law.
The fine follows a series of legal troubles for Binance. Recently, former CEO Changpeng Zhao was sentenced to four months in prison after pleading guilty to violating US anti-money laundering laws. Binance agreed to pay a $4.32 billion fine, with Zhao personally paying a $50 million criminal fine and another $50 million to the US Commodity Futures Trading Commission.
Binance's legal troubles are far from over. The crypto exchange is currently facing a lawsuit from the Securities and Exchange Commission (SEC) for listing more than a dozen alleged securities on its platform.
Binance, led by CEO Richard Teng, is also in a legal battle with the Nigerian government over the release of a Binance executive who has been detained for more than 70 days.
Read also: Jack Dorsey predicted the rise of Bitcoin to $1 million
