Binance Fined by Canada's Financial Regulator
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Canada's financial regulatory agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), has taken action against Binance for alleged violations of money laundering laws.

The two violations cited by FINTRAC include Binance's failure to register as a foreign money services business with the agency and its failure to report a virtual currency transaction in excess of $10,000 in a single transaction.

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According to the FINTRAC statement released on May 9, Binance Holdings Limited, which also operates as Binance Holdings (IE) Ltd,, Binance Global, and Binance, has been identified as a foreign money services business and has been imposed an administrative monetary penalty of C$6,002,000 for committing the two violations.

This penalty, equivalent to approximately $4.4 million US dollars, has been imposed after the violations were discovered during a compliance activity in 2023.

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