Canada Fines Binance Over $4 Million for Breaching Money Laundering Laws

Canada’s anti-money laundering agency, FINTRAC, has levied a hefty fine of nearly C$6 million ($4.38 million) against cryptocurrency exchange Binance. The penalty stems from Binance’s failure to comply with Canada’s money laundering and terrorist financing laws.

Despite repeated deadlines, Binance neglected to register as a foreign money services business with FINTRAC, which is a breach of regulatory requirements. Furthermore, the exchange allegedly omitted reporting transactions involving virtual currency amounts exceeding C$10,000 on thousands of occasions between June 1, 2021, and July 19, 2023.

Binance’s silence in response to media inquiries regarding the fine adds to the scrutiny surrounding its operations. This development follows the legal troubles faced by Binance’s founder and former CEO, Changpeng Zhao, in the United States.

Last Tuesday, Zhao received a four-month prison sentence in the U.S. after pleading guilty to money laundering charges in November 2023. In addition to the prison term, U.S. District Judge Richard Jones ordered Zhao to pay $50 million in fines. The cryptocurrency giant, Binance, is experiencing growing regulatory scrutiny.

Read: My Priority is Recovering Misappropriated N10bn Airport Funds, not Jailing anyone- Otti

About The Author

Confidence Ubani

subscriber

See author's posts