OTTAWA โ The federal anti-money laundering agency has issued a $6 million fine to cryptocurrency exchange Binance Holdings Ltd.
Fintrac says Binance did not register with the agency as a foreign money services company.
It also says the company failed to report large virtual currency transactions of $10,000 or more in the course of a single transaction, along with the prescribed information.
Fintrac CEO Sarah Paquet says the agency will continue to work with companies to help them understand and meet their obligations.
Binance announced last year that it would withdraw from the Canadian market, citing regulatory concerns.
In November, the company agreed to pay a settlement of approximately $4 billion in the United States after violating US anti-money laundering and sanctions laws.
This report by The Canadian Press was first published May 9, 2024.
The Canadian Press
