Canada Imposes $4.4 Million Fine on Binance
The official body responsible for analyzing financial transactions and reports in Canada, known as the Financial Transactions and Reports Analysis Centre (FINTRAC), has announced that it is imposing a penalty of $4.4 million on Binance for violating registration and reporting requirements for large digital asset transactions.
In a notice released on May 9, FINTRAC stated that Binance Holdings Limited did not comply with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.
This included the failure to register as a foreign money services business and report digital currency transactions exceeding $10,000.
The penalty imposed on Binance by FINTRAC amounts to 6,002,000 CAD, or approximately $4.4 million at the time of publication.
The regulator also revealed that the non-compliant activities leading to this penalty occurred in 2023, when the company was winding down operations in Canada.
