Fine

Giant

Coin

<ul class="news-points">
 <li>Binance has filed a statutory appeal against the $4.4 million fine imposed by the FINTRAC.</li>
 <li>The FINTRAC announced a more than 6 million CAD fine against Binance for allegedly violating AML and CFT regulations.</li>
 <li>The exchange argues that its services were not focused on Canadian citizens.</li>
</ul>
Binance, the world’s largest cryptocurrency exchange by trading volume, has <a href="https://www.bnnbloomberg.ca/cryptocurrency-exchange-binance-holdings-appealing-6m-fine-imposed-by-fintrac-1.2087193" target="_blank" rel="noopener noreferrer nofollow">formally appealed</a> a multi-million dollar fine levied by Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).
On May 9, 2024, FINTRAC issued a notice <a href="https://fintrac-canafe.canada.ca/pen/amps/pen-2024-05-09-eng" target="_blank" rel="noopener noreferrer nofollow">charging a penalty</a> of more than 6 million CAD (approximately $4.4 million USD) against Binance for alleged noncompliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. The regulator specifically cited Binance’s alleged failure to register as a foreign money services business (FMSB) and report large transactions over $10,000 CAD. FINTRAC stated:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Binance Holdings Limited was provided with several opportunities to register with FINTRAC as an FMSB, however, they had not completed their registration by the deadlines provided. It should be noted that Binance Holdings Limited was deemed to be …
</blockquote>
The post <a href="https://coinedition.com/crypto-giant-binance-takes-on-canadian-regulators-over-hefty-fine/" rel="noopener noreferrer nofollow">Crypto Giant Binance Takes on Canadian Regulators Over Hefty Fine</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Crypto Giant Binance Takes on Canadian Regulators Over Hefty Fine

Coin Edition

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