Regulatory Alerts2025-09-25
FINTRAC imposes an administrative monetary penalty on Peken Global Limited (KuCoin)
FINTRAC imposed a $19,552,000 administrative monetary penalty on Peken Global Limited, operating as KuCoin, for violating Canada's anti-money laundering and anti-terrorist financing regulations. The penalty addresses three specific violations: the company's failure to register as a foreign money services business, its omission of required large virtual currency transaction reports, and its lack of suspicious transaction reporting. This enforcement action demonstrates FINTRAC's strict oversight of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to safeguard the Canadian economy and support national security investigations.
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