Binance Hit with $6 Million Fine in Canada for AML Violations
The Canadian Financial Transactions and Reports Analysis Centre (FINTRAC) has fined Binance $6 million for violating anti-money laundering (AML) regulations. This is the largest penalty ever imposed by FINTRAC for AML violations.
FINTRAC's investigation found that Binance:
Failed to register with FINTRAC as a money services business (MSB)
Failed to implement a compliance program to prevent money laundering
Failed to report suspicious transactions
Binance has agreed to pay the fine and to take steps to improve its compliance with AML regulations.
Here are some additional details about the case:
The investigation was launched in 2021.
Binance was fined $3 million for each of the three violations.
Binance has 30 days to appeal the fine.
This case is likely to hav...