According to ChainCatcher, Cointelegraph reported that according to a document filed with the Canadian Federal Court system on June 5, Binance has appealed against a $4.4 million fine imposed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), accusing the FINTRAC director of non-compliance with anti-money laundering and counter-terrorism financing (CFT) regulations.
In May of this year, FINTRAC fined Binance 6 million Canadian dollars (about 4.4 million US dollars) because Binance failed to register as a foreign money service business and failed to report virtual currency transactions exceeding 10,000 Canadian dollars. Binance stated in its appeal that it did not provide services directly to Canadian residents and announced its withdrawal from the Canadian market in May 2023.
