Binance, the world’s leading cryptocurrency exchange, has been fined C$6 million ($4.4 million) by Canada’s financial regulator, FINTRAC, for allegedly failing to comply with anti-money laundering regulations related to registration and reporting.<\/p>\n
FINTRAC claims that Binance committed administrative violations by not registering as a foreign money services business and failing to report large virtual currency transactions as required by law.<\/p>\n
Sarah Paquet, Director and CEO of FINTRAC, underlined the agency’s commitment to ensuring businesses understand and adhere to regulatory obligations, with strict actions taken against non-compliance.<\/p>\n
Binance allegedly missed several opportunities to register with FINTRAC as a foreign money services business and failed to meet registration deadlines, resulting in violations.<\/p>\n
FINTRAC identified over 5,902 instances where Binance did not report receiving virtual currency amounts of $10,000 or more, contravening anti-money laundering regulations.<\/p>\n
Despite regulatory challenges, Binance is focused on enhancing compliance by appointing a new board of directors led by CEO Richard Teng and plans to establish a physical headquarters to meet regulatory demands.<\/p>\n
BNB, Binance’s native token, has surged to $598 amid these developments, with a 1.4% price increase in the last 24 hours.<\/p>\n
Image source: Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"
Binance, the world’s leading cryptocurrency exchange, has been fined C$6 million ($4.4 million) by Canada’s financial regulator, FINTRAC, for allegedly failing to comply with anti-money laundering regulations related to registration and reporting. Binance Faces Compliance Challenges FINTRAC claims that Binance committed administrative violations by not registering as a foreign money services business and failing to […]<\/p>\n","protected":false},"author":1,"featured_media":11371,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Canadian Regulator Fines Binance $4M for Rule Violations - Bitrabo","description":"Binance, the world's leading cryptocurrency exchange, has been fined C$6 million ($4.4 million) by Canada's financial regulator, FINTRAC, for allegedly failing"},"footnotes":""},"categories":[316],"tags":[347,1296,3501,1626,824,1993,3187],"class_list":["post-11370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-binance","tag-canadian","tag-fine","tag-regulator","tag-rules","tag-slapped","tag-violation"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/11370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=11370"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/11370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/11371"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=11370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=11370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=11370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}