Coin

<ul class="news-points">
 <li>Canada’s FINTRAC levied a $4.4 million penalty on Binance.</li>
 <li>Binance failed to comply with AML laws, claims FINTRAC.</li>
 <li>The regulator also found significant gaps in Binance’s compliance procedures.</li>
</ul>
Canada’s financial crime watchdog, the Financial Transactions and Reports Analysis Centre (FINTRAC), has fined Binance, the world’s largest cryptocurrency exchange by trading volume, a hefty penalty of 6 million Canadian dollars, equivalent to about $4.4 million USD.&nbsp;
As per a<a href="https://www.bloomberg.com/news/articles/2024-05-09/binance-fined-4-4-million-by-canada-watchdog-for-rule-breaches" target="_blank" rel="noopener noreferrer nofollow"> report</a> from Bloomberg, this fine comes as a consequence of Binance’s failure to comply with laws related to money laundering and terrorist financing.
Fintrac identified several administrative violations, including Binance’s failure to register as a foreign money-services business and its alleged failure to report large virtual currency transactions of C$10,000 or more, along with the required information. These violations point to significant gaps in Binance’s compliance procedures.
This latest penalty adds to Binance’s growing list of regulatory and<a href="https://coinedition.com/binance-faces-fresh-legal-battle-as-ontario-court-files-for-class-action/" rel="noopener noreferrer nofollow"> legal issues</a>. The exchange has been under scrutiny by various regulatory bodies, including the U.S.<a href="https://coinedition.com/sec-vs-binance-judge-orders-update-on-legal-clash-amid-regulatory-scrutiny/" rel="noopener noreferrer nofollow"> Securities and Exchange Commission</a> (SEC).…
The post <a href="https://coinedition.com/canadian-financial-watchdog-fines-binance-over-policy-breaches/" rel="noopener noreferrer nofollow">Canadian Financial Watchdog Fines Binance $4.4M Over Policy Breaches</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Canadian Financial Watchdog Fines Binance $4.4M Over Policy Breaches

Coin Edition

Další články publikované 10. 5. 2024

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