Breaking: Binance Slapped With $4.4M Fine in Canada For AML Violations

Top digital assets service provider Binance is looking to pay another huge settlement fee to financial regulators after getting charged for money laundering again.

Binance Woes Continues

On May 9, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) levied Binance with a fine of 6 million Canadian dollars. This sum is equivalent to $4.3 million. Binance was charged with violation of money laundering and terrorist financing laws.

The Canadian anti-money laundering agency claimed that the popular crypto exchange did not perform its regulatory obligation in the region. It failed to register as a foreign money service business with the appropriate authorities before offering its services to Canadians.

Moreso, FINTRAC highlighted Binance’s nonchalant approach towards registration even after stating multiple deadlines. Instead, the exchange packed up and exited Canada last year but continued to receive crypto from Canadians. It was reported that cryptocurrencies worth about 10,000 Canadian dollars in 5,902 different transactions were processed via the Binance platform between June 1, 2021, and July 19, 2023.

This fine comes off as the second the firm will be slammed with after the $4.3 billion fine from the United States Department of Justice (DOJ) in December 2023. With this new fine, the exchange’s woes in key regions becomes amplified.

This is a developing story, please check back for updates!

 

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