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

Outros artigos publicados em 10 de mai. de 2024

Eclipse CEO Steps Down Amid Sexual Misconduct Allegations

Akash Network (AKT) And The Graph (GRT) Surge As AI Tokens Rebound! What’s Next?

Ethereum (ETH) Gas Fees at Multi-Month Lows, Data Says

Whale Activity Influences Altcoin Market

Solana Meme Coin Penguiana Raises 800 SOL In The First 7 Days Of Presale, Set To Release P2E Game...

How to securely store crypto in software wallets

Join our free newsletter for daily crypto updates!