🇨🇦 Canada slaps Binance with a hefty $4.4M fine for breaching anti-money laundering rules. The crypto giant didn't comply with foreign money services business regs. 😲💸
• Binance failed to report 5,902 large virtual currency transactions exceeding $10,000 CAD each between June 2021 and July 2023.
• The fine follows Binance co-founder Changpeng Zhao's 4-month prison sentence for inadequate KYC and AML measures.
• Binance and Zhao previously agreed to pay a whopping $50M and $4B in a settlement deal with the US Department of Justice.
Legal woes continue for Binance, currently battling a massive SEC lawsuit and fighting for the release of a detained executive in Nigeria. 🌍⚖️
In Canada, Binance has shut down due to regulatory challenges, while rival Coinbase becomes the first foreign exchange fully licensed to operate. 🏦🍁
What's your take on Binance's legal troubles? Let's chat below! 👇 #CryptoNews #BinanceFine