BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

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

by Drop Gorn
May 10, 2024
in CRYPTO
Reading Time: 3 mins read
A A
1
SHARES
20
VIEWS
Share on XShare in TelegramShare on Reddit
  • 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.

Tags: BinancecryptoCrypto ExchangeFINTRAC
TweetShareShare
Previous Post

Bitcoin Could Go Lower Than $54,000 and Here is Why

Next Post

Ethereum Co-Founder Predicts SEC Shift on ETFs by 2025

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.