Binance Fined Over $4 Million in Canada for Money Laundering Violations

Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) has imposed a fine of C$6 million on crypto exchange Binance for failing to comply with anti-money laundering and terrorist financing laws. This penalty, equivalent to approximately $4.4 million, was levied after Binance failed to register as a foreign money services business and neglected to report over 5,902 virtual currency transactions, each exceeding C$10,000.

This measure follows Binance’s withdrawal from the Canadian market last year due to regulatory hurdles. Last year, Binance also reached a settlement with the U.S. Department of Justice (DOJ), leading to the resignation of former CEO Changpeng Zhao (CZ). Additionally, the U.S. imposed a $4.3 billion fine on Binance, with Zhao personally agreeing to a $50 million penalty. The former CEO has also been sentenced to four months in prison.

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