👀💥 Binance Slapped With $4.3 Million Fine By Canada’s FINTRAC

Crypto exchange Binance is facing a $4.3 million USD fine by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for violating terrorist financing and money laundering laws, the Canadian regulator announced Thursday.

According to a  press release, Binance will have to pay $6,002,000 CAD in administrative monetary penalties for failing to register with FINTRAC as a foreign money services business as well as failing to report cryptocurrency transactions of $10,000 or more within a single payment.

The regulator added that between June 1, 2021, and July 19, 2023, Binance did not report single transactions over $10,000 on 5,902 occasions.

FINTRAC further claimed the crypto exchange had “several opportunities” as a foreign money services business but failed to do so by the regulator’s provided deadlines.