The Canadian anti-money laundering agency has issued a fine of $4.38 million USD to Binance for violating the money laundering and terrorist financing laws. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. It was established in 2000 and is responsible for overseeing compliance with the country’s anti-money laundering and counter-terrorism financing laws.
The report states that FINTRAC said Binance failed to register as a foreign money services business with the intelligence body despite several deadlines and did not report receiving virtual currency worth C$10,000 or more on 5,902 separate occasions between June 1, 2021, and July 19, 2023.
