Binance’s regulatory woes continue to mount as the world’s largest cryptocurrency exchange by trading volume has been fined C$6 million ($4.4 million) by Canada’s financial regulator, FINTRAC.
The penalty was imposed due to Binance’s alleged failure to comply with money-laundering protections, specifically related to registering as a foreign money services business and reporting virtual currency transactions.
Binance’s Compliance Woes Continue
According to FINTRAC, Binance committed two administrative violations. Firstly, it is claimed that the exchange failed to register with FINTRAC as a foreign money services business.
Secondly, Binance failed to report large virtual currency transactions of $10,000 or more, along with the required information, as mandated by regulations. In response to these violations, financial penalties were imposed.
Sarah Paquet, Director and CEO of FINTRAC, emphasized the agency’s commitment to helping businesses understand and com
We współpracy z: https://bitcoinist.com/binance-slapped-with-4m-fine-by-canada/
