[Canada] Binance fined $4.38 million for money laundering violations

On May 9, Canada's anti-money laundering agency announced that it had imposed a nearly C$6 million ($4.38 million) fine on cryptocurrency exchange Binance for violations of money laundering and terrorist financing laws, Reuters reports.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said Binance had failed to register as a foreign money services business with the intelligence body despite a series of deadlines.

FINTRAC reportedly stated that Binance - which ceased Canadian operations in 2023 - had not reported receiving virtual currency worth C$10,000 or more on 5,902 separate occasions between June 1, 2021 and July 19, 2023.

Binance did not immediately respond to Reuters’ request for comment.

The latest development follows the sentencing of Binance's former CEO Changpeng Zhao or “CZ” to four months in prison after he pleaded guilty to violating US laws against money laundering.

Binance reportedly agreed to a $4.32 billion penalty and CZ paid a $50 million criminal fine plus $50 million to the U.S. Commodity Futures Trading Commission.

Source: Reuters

On May 9, Canada's anti-money laundering agency announced that it had imposed a nearly C$6 million ($4.38 million) fine on cryptocurrency exchange Binance for violations of money laundering and terrorist financing laws, Reuters reports.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said Binance had failed to register as a foreign money services business with the intelligence body despite a series of deadlines.

FINTRAC reportedly stated that Binance - which ceased Canadian operations in 2023 - had not reported receiving virtual currency worth C$10,000 or more on 5,902 separate occasions between June 1, 2021 and July 19, 2023.

Binance did not immediately respond to Reuters’ request for comment.

The latest development follows the sentencing of Binance's former CEO Changpeng Zhao or “CZ” to four months in prison after he pleaded guilty to violating US laws against money laundering.

Binance reportedly agreed to a $4.32 billion penalty and CZ paid a $50 million criminal fine plus $50 million to the U.S. Commodity Futures Trading Commission.

Source: Reuters