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FINTRAC Fines Crypto Giant Binance $6 Million for Violating Anti-Money Laundering Laws

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Binance, the leading global cryptocurrency exchange, has been slapped with an approximately $6 million CAD fine by Canada's anti-money laundering agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC discovered that Binance committed two violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, failing to register as a foreign money services business and to report large virtual currency transactions.
 
This latest penalty follows Binance's recent agreement to pay $4.3 billion USD in the United States for evading anti-money laundering laws. The fine imposed by FINTRAC highlights the increasing scrutiny that cryptocurrency exchanges are facing from regulatory authorities around the world, as governments seek to combat money laundering and terrorist financing activities. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed a substantial penalty of approximately $6 million CAD ($4.4 million USD) on Binance Holdings Limited for alleged violations of Canada's anti-money laundering/countering the financing of terrorism (AML/CFT) law.
 
FINTRAC found that Binance failed to comply with two key requirements of the law, including registration as a foreign money services business and the reporting of large virtual currency transactions exceeding $10,000. This significant penalty highlights the importance of adhering to regulatory requirements, particularly in the rapidly evolving cryptocurrency landscape. It also serves as a reminder for companies operating in this space to prioritize compliance and take proactive steps to ensure they are meeting their legal obligations. Binance has indeed faced a series of legal challenges in recent months, including a significant settlement in the United States for evading anti-money laundering laws. The $4.3 billion USD penalty in the US highlights the severe consequences that can result from non-compliance with regulatory requirements.
 
Additionally, Binance founder and former CEO Changpeng Zhao's four-month prison sentence serves as a stark reminder of the personal accountability that can be associated with such violations. In Canada, Binance is also dealing with a class-action lawsuit, certified by the Superior Court of Justice in Ontario. The lawsuit alleges that the ... Despite initially being established in China, Binance has connections to Canada that run deeper than one might expect. Binance founder and former CEO Changpeng Zhao was raised in Canada and graduated from McGill University, and the company once catered to Canadian clients. However, in 2021, as Canadian regulators began to tighten their grip on unregulated crypto trading platforms, Binance announced its decision to pull out of Ontario. Despite this withdrawal, Binance continued to operate in Canada, albeit with a different strategy in mind.
 
In 2022, Binance incorporated three companies in Alberta: Binance Canada Ltd., Binance Canada Holdings Ltd., and Binance Canada Capital Markets Inc. The move westward seemed to be a strategic decision for the company as it aimed to navigate the increasingly complex regulatory landscape in Canada. Moreover, Binance registered as a money-services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in December 2022. Despite Binance's efforts to establish a foothold in Canada, the company ultimately decided to exit the Canadian market altogether in response to the tightening regulatory environment. Nonetheless, its previous presence and incorporation in Alberta indicate that Binance's ties to Canada were not merely superficial.
 
 
 

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