Regulatory Alerts2024-05-09
FINTRAC Imposes Administrative Monetary Penalty on Binance Holdings Limited
FINTRAC imposed a $6,002,000 administrative monetary penalty on Binance Holdings Limited for violating Canada’s anti-money laundering and terrorist financing regulations. The sanction addresses the company’s failure to register as a foreign money services business and its omission of mandatory reports for virtual currency transactions exceeding $10,000. This enforcement action reinforces FINTRAC’s mandate to ensure strict compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to safeguard the Canadian financial system.
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