Canadian regulator fines Binance $4.4M for AML and CFT violations
FINTRAC reported that Binance facilitated 5,902 separate transactions of $10,000 or more in crypto from June 2021 to July 2023 and failed to register with the regulator.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced it was imposing a $4.4 million administrative monetary penalty on Binance for failing to register and report large transactions in digital assets.
In a May 9 notice, FINTRAC said it had imposed penalties on Binance Holdings Limited for noncompliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. According to the regulator, Binance failed to register as a foreign money services business and report digital currency transactions that exceeded $10,000.
FINTRAC said it had fined Binance 6,002,000 CAD, or roughly $4.4 million at the time of publication. The regulator reported that Binance’s activities for incurring the fine happened in 2023 when it was winding down its operations in Canada. Cointelegraph reached out to Binance for comment but did not receive a response at the time of publication.
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