Canada Fines Binance C$6M for Unregistered Operations, Unreported Transactions

May 9, 2024, 04:25 PM

Binance Holdings Ltd has been fined a total of C$6 million ($4.38 million) by Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) for multiple violations related to money laundering. The fines, imposed on Tuesday, were for failing to register as a foreign money services business and neglecting to report virtual currency transactions exceeding C$10,000, despite repeated warnings. This action comes despite Binance having ceased operations in Canada the previous year.