/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Canada fines Binance C$6m for AML violations

Cryptocurrency exchange Binance has been fined C$6 million by Canadian authorities for violating money laundering and terrorist financing laws.

  2 Be the first to comment

Canada fines Binance C$6m for AML violations

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The Financial Transactions and Reports Analysis Centre of Canada says Binance failed to register as a foreign money services business.

The company also failed, on thousands of occasions, to report large virtual currency transactions of C$10,000 or more in the course of a single transaction.

Binance quit the Canadian market a year ago, citing the regulatory environment.

Last week, the crypto giant's founder, Changpeng "CZ" Zhao, was sentenced to four months in prison in the US after pleading guilty to violating anti-money laundering requirements.

Zhao pleaded guilty in November as part of deal between Binance and the Department of Justice, Treasury Department and CFTC to settle allegations that the exchange failed to maintain a proper AML programme, operated an unlicensed money-transmitting business and violated sanctions law.

The world's largest crypto exchange agreed to forfeit $2.5 billion to the government and pay a fine of $1.8 billion.

Sponsored New Report – The Future of Embedded Finance in Africa 2025

Comments: (0)

[Impact Study] 2024 Fraud Trends in Banking, Insurance, and BeyondFinextra Promoted[Impact Study] 2024 Fraud Trends in Banking, Insurance, and Beyond