The cryptocurrency exchange Binance was fined around C$6 million, or $4.38 million, by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), an anti-money laundering body, on Thursday for breaking rules against money laundering and terrorism financing.
Despite many deadlines, the federal anti-money laundering watchdog said that Binance had neglected to register with the intelligence agency as a foreign money services provider.
It further stated that on 5,902 consecutive times between June 1, 2021 and July 19, 2023, Binance—which stopped operating in Canada last year—had failed to disclose receiving virtual currency valued at C$10,000 or more. A request for comment from Reuters was not immediately answered by Binance.
The latest development comes weeks after Binance’s former CEO Changpeng Zhao was sentenced to four months in prison after pleading guilty to violating U.S. laws against money laundering.
Binance agreed to a $4.32 billion penalty, and Zhao paid a $50 million criminal fine plus $50 million to the U.S. Commodity Futures Trading Commission.
