United

Read

FINTRAC has imposed a substantial fine on cryptocurrency exchange Binance for allegedly violating anti-money laundering regulations.
In a <a href="https://fintrac-canafe.canada.ca/pen/amps/pen-2024-05-09-eng" data-type="link" data-id="https://fintrac-canafe.canada.ca/pen/amps/pen-2024-05-09-eng" target="_blank" rel="noopener noreferrer nofollow">release</a> issued today, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) outlined two primary violations: failure to register as a foreign money services business and neglect to report significant transactions in virtual currency.
Specifically, FINTRAC claims that <a href="https://crypto.news/tag/binance/" data-type="link" data-id="https://crypto.news/tag/binance/" rel="noopener noreferrer nofollow">Binance</a> did not declare transactions exceeding $10,000 on 5,902 separate occasions between June 2021 and July 2023.
“Binance is determined to be a foreign money services business. Binance Holdings Limited was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024, for committing 2 violations,” the regulator stated.
The penalty, $4.4 million, or 6 million CAD, stems from compliance checks conducted in 2023.
You might also like: <a href="https://crypto.news/experts-sec-leveraging-lack-of-regulatory-clarity-in-crypto-crackdown/" rel="noopener noreferrer nofollow"> Experts: SEC leveraging “lack of regulatory clarity” in crypto crackdown </a>
FINTRAC is Canada’s financial intelligence unit, preventing money laundering and other financial crimes. Using blockchain analytics, it identified Binance’s oversight of failing to report virtual currency transactions as crucial for transparency in the financial system.
The development follows similar regulatory scrutiny Binance faced in the United States. In November 2023, the U.S. Department of Justice reached a <a href="https://crypto.news/binance-changpeng-zhao-agree-to-4-3b-deal-with-us-authorities-whales-exploring-emerging-crypto-ai-presale/" data-type="link" data-id="https://crypto.news/binance-changpeng-zhao-agree-to-4-3b-deal-with-us-authorities-whales-exploring-emerging-crypto-ai-presale/" rel="noopener noreferrer nofollow">plea deal</a> with the exchange, involving a $4 billion settlement for alleged money laundering and sanctions violations.
Part of the agreement required Binance founder and then-CEO Changpeng Zhao to step down and pay a $50 million fine. Zhao subsequently received a <a href="https://crypto.news/binance-founder-changpeng-zhao-sentenced-to-4-months-in-prison/" data-type="link" data-id="https://crypto.news/binance-founder-changpeng-zhao-sentenced-to-4-months-in-prison/" rel="noopener noreferrer nofollow">four-month</a> prison sentence after pleading guilty to violating anti-money laundering regulations.
Read more: <a href="https://crypto.news/binance-employee-accuses-dwf-labs-of-market-manipulation/" rel="noopener noreferrer nofollow"> Binance employee accuses DWF Labs of market manipulation </a>

Canadian regulator fines Binance $4.4m for money laundering violations

crypto.news

Other articles published on May 9, 2024

Crucial ETH and SEC Statement from Ethereum Co-Founder

Donald Trump says he’s ‘fine with crypto,’ slams Biden not understanding it

Scopuly SCOP Token: Navigating Utility and Value in the Ever-Changing Crypto Landscape

VanEck Launches Innovative Meme Coin Index to Navigate Crypto Trends

Trump’s Critique Fuels 25% Surge in ‘Boden’ Memecoin (BODEN) Market Cap, Now Valued at $240M

Token Holders Flee DOGE and BTC, Flock To Hot New Memecoin Showing Higher Growth

Join our free newsletter for daily crypto updates!