Binance Faces $4.38M Fine from Canada's Anti-Money Laundering Watchdog
Additionally, it was revealed that the exchange had neglected its obligation to report the receipt of virtual currency amounting to C$10,000 or more on a staggering 5,902 occasions
The regulatory body announced that Binance had failed to comply with essential requirements, specifically neglecting to register as a money services business with FINTRAC despite multiple deadlines. Additionally, it was revealed that the exchange had neglected its obligation to report the receipt of virtual currency amounting to C$10,000 or more on a staggering 5,902 occasions. This concerning lapse in reporting occurred between June 1, 2021, and July 19, 2023.
It is worth mentioning that Binance ceased its operations in Canada last year, raising questions about its compliance with regulatory standards during its tenure in the country's cryptocurrency market. In response to queries regarding the fine and the violations, Binance remained silent, not providing an immediate comment to Reuters.
