Cryptocurrency

Cryptocurrency exchange Binance has filed an appeal for a $4.4 million fine imposed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in May.
In a June 5 filing in Canada’s Federal Court system, Binance Holdings Limited filed a notice of statutory appeal against the director of FINTRAC over allegations of noncompliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. The regulator <a href="https://cointelegraph.com/news/canada-binance-aml-cft-violations">announced on May 9</a> that it had fined Binance more than 6 million CAD — roughly $4.4 million — for violations including failure to register as a foreign money services business and report digital currency transactions that exceeded $10,000.
Binance reportedly <a href="https://www.bnnbloomberg.ca/cryptocurrency-exchange-binance-holdings-appealing-6m-fine-imposed-by-fintrac-1.2087193" target="_blank" rel="noopener nofollow">said</a> in its appeal that it did not direct its services to Canadian residents. The exchange announced plans to <a href="https://cointelegraph.com/news/binance-calls-it-quits-in-canada-blames-new-rules">exit the Canadian market</a> in May 2023, blaming the regulatory environment. Cointelegraph reached out to Binance for comment but did not receive a response at the time of publication.
Related: <a href="https://cointelegraph.com/news/canada-lawmakers-engagement-crypto">Canada lacks engagement from lawmakers on crypto — Coinbase exec</a>
The FINTRAC decision was separate from the legal entanglements Binance faces in other countries. In November 2023, the firm reached a $4.3 billion settlement with U.S. authorities, which required then-CEO Changpeng Zhao to step down. Zhao pleaded guilty to one felony charge and is serving a four-month sentence in federal prison.
In February, Nigeria authorities <a href="https://cointelegraph.com/news/nigerian-court-dismisses-binance-exec-suit">detained two Binance executives</a> following allegations of tax evasion and money laundering at the company. Nadeem Anjarwalla, a British and Kenyan national, escaped Nigerian custody and was in Kenya at the time of publication. Tigran Gambaryan, a former special agent with the U.S. Internal Revenue Service, reportedly contracted malaria <a href="https://cointelegraph.com/news/nigerian-officials-drop-some-charges-detained-binance-exec">during his detainment</a> in Nigeria.
Magazine: <a href="https://cointelegraph.com/magazine/polkadot-indy-500-driver-conor-daly-dad-holds-dot/">Polkadot’s Indy 500 driver Conor Daly: ‘My dad holds DOT, how mad is that?’</a>

Binance to appeal $4.4M fine from Canadian regulator

Cointelegraph

Other articles published on Jun 19, 2024

XRP Open Interest spikes amidst market volatility, bullish signal?

How to Weather the Altcoin Storm: A Crypto Analyst’s Perspective

SynFutures TVL Hits $62 Million Amid Base Expansion

BlockDAG’s Keynote 2 Generates $51.9M in Presale Amid Rising Avalanche Market Cap and Bitcoin Cas...

Rumored Trump Meme Coin DJT Flying As Traders Bet On Whether It’s Legit

Bitcoin’s Rising Difficulty Points To $100,000 Value By Year’s End, Says Market Analyst

Join our free newsletter for daily crypto updates!