Canada's FinTRAC fined Binance C$6m for violating money laundering laws, failing to register and not reporting 5,902 transactions.
Canada's anti-money laundering agency, FinTRAC, has fined Binance Holdings Ltd., the world's largest cryptocurrency exchange, C$6m ($4.38m) for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Binance failed to register as a foreign money services business with FinTRAC and did not report 5,902 transactions valued at C$10,000 or more between June 1, 2021, and July 19, 2023. The company pulled out of the Canadian market last year.
May 09, 2024
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