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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 fined Binance $4.4 million for failing to register as a foreign money services business and not reporting transactions over $10,000. Binance processed 5,902 such FINTRAC hit Binance with a $4.3m fine in May for failing to comply with anti-money laundering and terrorist financing rules. The agency claimed that over a two-year Canadian regulators hit Binance with a C$6 million ($4.3 million) fine on Tuesday, alleging the crypto exchange committed two separate “administrative violations” of Cryptocurrency exchange Binance received a $4.3 million fine from Canadian financial regulators on Thursday. Specifically, the Financial Transactions and Reports Analysis Centre of Canada

Binance Hit with $4.3M Fine by Canadian Regulator: A Deep Dive

Binance’s regulatory woes continue to mount as the world’s largest cryptocurrency exchange by trading volume has been fined C$6 million ($4.3 million) by Canada’s financial regulator. This latest penalty underscores the ongoing scrutiny faced by the platform globally. Cryptocurrency exchange Binance received a $4.3 million fine from Canadian financial regulators on Thursday.

Why Was Binance Fined?

The core issue revolves around Binance's compliance with Canadian financial regulations. FINTRAC fined Binance $4.4 million for failing to register as a foreign money services business and not reporting transactions over $10,000. Canadian regulators hit Binance with a C$6 million ($4.3 million) fine on Tuesday, alleging the crypto exchange committed two separate “administrative violations.”

Details of the FINTRAC Fine

Specifically, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) found Binance in violation of anti-money laundering (AML) and terrorist financing (TF) rules. The agency claimed that over a two-year period, Binance processed 5,902 such FINTRAC hit Binance with a $4.3m fine in May for failing to comply with anti-money laundering and terrorist financing rules. This highlights the importance of adhering to stringent reporting requirements for financial institutions operating within Canada.

Impact and Future Outlook for Binance

This $4.3 million fine represents a significant setback for Binance's operations in Canada. While the exchange has since withdrawn from the Canadian market, the incident serves as a reminder of the critical need for compliance with local regulations for any cryptocurrency platform seeking to operate globally. It remains to be seen how this will affect Binance’s strategy moving forward.

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