Binance
Binance runs into trouble in Canada, fined $4.38m
Canada’s financial watchdog, the Financial Transactions and Reports Analysis Centre (FINTRAC), has imposed a $6 million fine on Binance, a prominent cryptocurrency platform, for breaching the nation’s laws on money laundering and terrorist financing.
The penalty, valued in Canadian dollars, translates to approximately $4.38 million USD.
In a recent statement, FINTRAC revealed that Binance failed to register as a foreign money services business and neglected to report large virtual currency transactions exceeding $10,000, as required by law.
Sarah Paquet, director and CEO of FINTRAC, emphasized the importance of upholding Canada’s anti-money laundering and anti-terrorist financing regulations to safeguard the nation’s economy and citizens.
Paquet affirmed FINTRAC’s commitment to assisting businesses in understanding and fulfilling their obligations under the law while maintaining a firm stance on enforcement when necessary.
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Binance, known as the world’s largest cryptocurrency exchange by trading volume, has faced regulatory scrutiny globally. Founder Changpeng Zhao recently received a four-month prison sentence in the United States for money laundering, unlicensed money transmission, and other violations related to transactions supporting terrorism, drug trafficking, and child exploitation.
In a separate case in the US, Binance agreed to a plea deal requiring the payment of over $4.3 billion in fines and restitution.
Additionally, the company is under investigation in Nigeria for alleged tax evasion, money laundering, and illicit foreign exchange rate manipulation.
Two senior Binance officials in Nigeria, Nadeem Anjarwalla and Tigran Gambaryan, faced charges related to these accusations, with Anjarwalla escaping custody in March after being arrested in February.
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