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- The Canadian financial regulator, FINTRAC, has fined Binance 6 million CAD for alleged money laundering violations.
- The crypto exchange was penalized for two alleged violations, including failing to register as a foreign money services business and not reporting a virtual currency transaction exceeding $10,000 in a single transaction.
- The fine is equivalent to approximately 4.4 million USD.
Binance, one of the world’s largest crypto exchanges, faces a hefty fine from Canadian regulator FINTRAC for alleged money laundering violations.
FINTRAC Fines Crypto Giant Binance for Two Violations
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued regulatory action against crypto exchange giant Binance for alleged violations of money laundering rules. The regulator mentioned two violations. The first is Binance’s failure to register with FINTRAC as a foreign money services business. The second fault is not reporting a virtual currency transaction exceeding $10,000 in a single transaction. The fine is equivalent to approximately 4.4 million USD.
Regulator Also Fines for Reporting Failure
FINTRAC, part of Canada’s financial intelligence unit, aims to detect and prevent money laundering, terrorist financing, and other illegal behaviors in Canada’s financial ecosystem. The regulator made the following statement regarding the second violation: “Using blockchain analyses, FINTRAC determined that Binance Holdings Limited did not report receiving an amount in virtual currency from a customer during a single transaction exceeding $10,000, along with the required information, in 5,902 separate instances occurring during the period from June 1, 2021, to July 19, 2023.”
US Sanction Decision
As you may recall, in November 2023, the United States Department of Justice requested a 4 billion dollar defense agreement from Binance to end an investigation into allegations of money laundering, fraud, and sanction violations. The agreement also included the resignation of then-CEO Changpeng Zhao (CZ). Additionally, it foresaw CZ paying a fine of 50 million dollars. The jury found Changpeng Zhao guilty of violating anti-money laundering sanction regulations. Subsequently, the judge sentenced him to four months in prison in April 2024.
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Conclusion
The hefty fine imposed on Binance by FINTRAC underscores the increasing regulatory scrutiny on crypto exchanges worldwide. It serves as a reminder for other exchanges to comply with all regulatory requirements to avoid similar penalties. As the crypto industry continues to grow, adherence to such regulations will be crucial in maintaining the integrity and credibility of the market.
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