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Home CRYPTO

Binance Hit With CA$6 Million Fine Over Money-Laundering Failures

Gary Ponce by Gary Ponce
May 10, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Binance Holdings Ltd was fined C$6 million ($4.4 million) by Canada’s financial watchdog FINTRAC
  • The fine was for failing to register as a foreign money services business and failing to report virtual currency transactions exceeding C$10,000
  • Binance is the world’s largest crypto exchange

The Canadian financial regulator has imposed a significant fine on the world’s largest cryptocurrency exchange for failing to comply with anti-money laundering rules.

Background on Binance and Canadian Regulator

Binance Holdings Ltd operates the largest crypto exchange globally in terms of trading volumes. Canada’s FINTRAC (Financial Transactions and Reports Analysis Centre) is the government agency responsible for anti-money laundering and anti-terrorist financing regulations.

NEW: #Binance has been fined CA$6 million by Canada's FINTRAC for failing to adhere to money-laundering regulations

— BlockNews.com (@blocknewsdotcom) May 9, 2024

Details of the Violations and Fine

FINTRAC announced on Thursday that Binance was fined C$6 million ($4.4 million) for not registering as a foreign money services business and failing to report large virtual currency transactions. The violations occurred from May 2021 to November 2021 according to the regulator.

Binance’s Response

In a statement, Binance said it is committed to following all regulatory requirements and has made significant investments in its compliance programs. The company said this fine stemmed from historical issues that have since been fixed.

Significance for the Crypto Industry

This substantial penalty highlights regulators‘ increasing scrutiny of cryptocurrency exchanges to ensure they are not used for illicit transactions. It signals that global exchanges like Binance must prioritize compliance as they expand into regulated markets.

Outlook Going Forward

With crypto adoption growing, regulators around the world are likely to enhance supervision of exchanges and enforce rules more strictly. This could lead to greater compliance costs for exchanges but also increase institutional trust in the cryptocurrency ecosystem.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BinancecryptoCrypto ExchangeFINTRAC
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Gary Ponce

Gary Ponce

Gary has been active in the crypto space since 2019, developing hands-on experience in trading, airdrop hunting, and identifying emerging narratives in low-cap tokens. For over four years, he has contributed research and editorial content with Aiur Labs and BlockNews, focusing on market analysis and community insights. His work reflects both transparency and independent reporting, with an emphasis on simplifying complex ideas for readers. Gary is a long-term believer in Bitcoin, Sui, Hype, Litecoin, XRP, and select meme tokens, combining personal trading knowledge with professional editorial standards.

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