*Summary:**
Canada's anti-money laundering agency, the Financial Transactions and Reports Analysis Centre (FINTRAC), has fined cryptocurrency exchange Binance $4.3 million (C$6 million) for two "administrative violations." These violations include Binance's failure to register as a foreign money services business and its neglect in reporting nearly 6,000 transactions over $10,000 between June 2021 and July 2023. The fine comes after Binance's recent $4.3 billion settlement with U.S. authorities for anti-money laundering violations. Former Binance CEO Changpeng "CZ" Zhao was also sentenced to four months in U.S. prison for inadequate KYC/AML practices. Binance is currently facing regulatory challenges in Nigeria as well¹.Feel free to customize this article as needed mfor your Binance post! 😊
Source: Conversation with Copilot, 7/3/2024
(1) Binance Fined $4.3M by Canadian Financial Regulator for ... - CoinDesk. https://www.coindesk.com/policy/2024/05/09/binance-fined-43m-by-canadian-financial-regulator-for-administrative-violations/.
(2) Canada Fines Binance $4.38 Million for Money Laundering Violations. https://www.usnews.com/news/technology/articles/2024-05-09/canada-fines-binance-4-38-million-for-money-laundering-violations.
(3) Canada fines Binance $4.38 million for money laundering violations. https://ca.news.yahoo.com/canada-fines-binance-4-38-145325223.html.
