Binance fined $4.4m by Canadian regulator for dollars laundering breaches

BREAKING: Important Penalty Issued to Binance by FINTRAC for Dollars Laundering Violations!

Now, the Monetary Transactions and Stories Evaluation Centre of Canada (FINTRAC) announced a major penalty imposed on cryptocurrency exchange Binance for breaching anti-dollars laundering rules.

In a press launch unveiled nowadays, FINTRAC highlighted two critical violations: failure to register as a overseas income providers organization and failure to report huge transactions in digital forex.

According to FINTRAC, Binance allegedly neglected to disclose transactions exceeding $10,000 on 5,902 different events between June 2021 and July 2023.

“Binance has been identified to be a overseas income products and services enterprise. Binance Holdings Limited was slapped with an administrative financial penalty of $6,002,000 on Might 7, 2024, for committing 2 violations,” the regulatory human body verified.

The penalty amounting to $4.4 million, or 6 million CAD, arose from compliance audits executed in 2023.

FINTRAC serves as Canada’s financial intelligence unit, devoted to combatting dollars laundering and other economical crimes. By employing blockchain analytics, it was capable to pinpoint Binance’s failure to report digital currency transactions as a sizeable challenge impacting monetary method transparency.

This advancement comes on the heels of regulatory scrutiny confronted by Binance in the United States. In November 2023, the U.S. Department of Justice finalized a settlement with the exchange, resulting in a $4 billion settlement for alleged revenue laundering and sanctions breaches.

As section of the offer, Binance’s founder and former CEO Changpeng Zhao agreed to move down and pay a $50 million fantastic. Subsequently, Zhao received a 4-month jail phrase just after pleading guilty to violating anti-dollars laundering legal guidelines.