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

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

216

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

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Burkina Faso Cigarettes Pâ
HealthNews

Burkina Faso: 1,050 Cartons Of Cigarettes Worth Over $17,535 Seized In Pâ

Burkina Faso authorities have seized 1,050 cartons of smuggled “SIR” brand cigarettes,...

NewsPolitics

Ghana President Akufo-Addo Faces Backlash After Unveiling Self-Statue During Farewell Tour

Ghana outgoing President Nana Akufo-Addo, currently on a farewell tour in the...

FoodNews

Mali: Ségou Customs Intercept Over 55 Tons of Spoiled Meat in Anti-Trafficking Operation

Customs officials in Ségou, central Mali, seized over 55 tons of spoiled...

NewsTechnology

Malaysia Govt to Phase Out CNG-Powered Vehicles, Citing Safety Concerns

The Malaysian government has announced plans to phase out the use of...