Canada’s anti-money laundering agency announced on Thursday that it had imposed a hefty fine of nearly C$6 million ($4.38 million) on cryptocurrency exchange Binance for breaching money laundering and terrorist financing laws.
The Financial Transactions and Reports Analysis Centre of Canada revealed that Binance had failed to register as a foreign money services business with the regulatory body, despite multiple deadlines.
Additionally, the agency disclosed that Binance, which halted its operations in Canada last year, had neglected to report the receipt of virtual currency exceeding C$10,000 on 5,902 separate occasions between June 1, 2021, and July 19, 2023.
This latest development follows closely on the heels of Binance’s former CEO Changpeng Zhao being sentenced to four months in prison after pleading guilty to violating U.S. laws related to money laundering.
As part of the resolution, Binance agreed to a staggering $4.32 billion penalty, with Zhao personally paying a $50 million criminal fine in addition to a $50 million settlement with the U.S. Commodity Futures Trading Commission.
