Are you laundering money?
Will you be convicted of money laundering if you trade in the cryptocurrency circle? Why have regulators been coming to you so frequently recently!
With the strengthening of Italian regulation, will the cryptocurrency circle be thoroughly regulated?
Italy is strengthening its regulation of the crypto asset market and plans to impose high fines for market manipulation and insider trading. According to a draft document reviewed by Reuters, the fine could be as high as 5 million euros (about 5.4 million U.S. dollars). The document is expected to be approved by the cabinet later today. The draft proposes that fines for insider trading, illegal disclosure of inside information or market manipulation will range from 5,000 euros (about 5,400 U.S. dollars) to 5 million euros.
India's Financial Intelligence Unit fined Binance $2.2 million
India's anti-money laundering department announced on Thursday that Binance, the world's largest cryptocurrency exchange, was fined about $2.2 million (1.882 billion Indian rupees) for providing services to Indian customers without complying with the country's anti-money laundering rules.
Canadian regulator fines Binance $4.4 million
The regulator announced on May 9 that it had fined Binance more than 6 million Canadian dollars (about 4.4 million U.S. dollars) for violations including failure to register as a foreign money service business and failure to report digital currency transactions exceeding $10,000.
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