Canada’s anti-money laundering agency penalized cryptocurrency exchange Binance nearly C$6 million ($4.38 million) for violating laws against funding terrorism and money laundering.
The cryptocurrency exchange Binance was fined over C$6 million ($4.38 million) by Canada’s anti-money laundering agency on Thursday for breaking laws against money laundering and terrorism funding.
Despite multiple deadlines, Binance did not register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a foreign money services business.
It further stated that on 5,902 consecutive occasions between June 1, 2021, and July 19, 2023, Binance—which stopped operating in Canada last year—had failed to disclose receiving virtual currency valued at C$10,000 or more.
The most recent event occurred a few weeks after Changpeng Zhao, the former CEO of Binance, entered a guilty plea and was given a four-month prison sentence for breaking American rules against money laundering.
Zhao paid a $50 million criminal fine in addition to $50 million to the U.S. Commodities Futures Trading Commission, and Binance consented to a $4.32 billion penalty.
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