#Binance Penalty Incident# Binance appealed the decision of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to fine it $4.4 million. Binance insisted that it did not provide services to Canadian residents and announced in May 2023 that it would withdraw from the Canadian market. The reason for the fine was that Binance violated Canadian financial regulations twice, failed to register as a foreign money service business, and failed to report 5,902 cryptocurrency transactions in excess of $10,000 and their accompanying KYC information to regulators between June 1, 2021 and July 19, 2023. What do you think of this incident? Welcome to leave a message in the comment section to discuss. 👇