Binance Fined $4.4 Million by Canada for AML Breaches

May 9, 2024, 04:03 PM

Binance Holdings, a prominent cryptocurrency exchange, has been fined a total of C$6 million (US$4.4 million) by Canada's financial watchdog, FinTRAC, for failing to comply with anti-money laundering regulations. The fine was imposed due to Binance's breaches in money-laundering protections and its failure to register as a foreign money services business, along with neglecting to report at least one significant cryptocurrency transaction.