Bittime -The Financial Transaction and Reports Analysis Center of Canada ( FINTRAC ) dealt the latest blow to global crypto exchanges. The regulator imposed a fine of CA$6,002,000 (approximately Rp. 63 billion) on Binance Holdings Limited ("Binance") on May 9, 2024. This fine was imposed due to alleged violations of anti-money laundering (AML) regulations.
Binance is Not Registered as a Financial Services Business
FINTRAC accused Binance of two violations. Firstly, Binance is not yet registered as a valid Foreign Currency Services Business (MSB) under FINTRAC. MSB registration is mandatory for entities handling virtual currency transactions worth CA$10,000 or more. In other words, Binance is operating without official permission to handle large-value crypto transactions in Canada.
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Giant Transactions That Missed the Radar
The second alleged violation was Binance's failure to report virtual currency transactions exceeding CA$10,000 in a single trade to FINTRAC. Reporting crypto transactions above these thresholds is a key element in authorities' efforts to track suspicious financial activity. According to FINTRAC, through blockchain analysis, they identified that Binance had failed to report thousands of large-value crypto transactions that occurred during the period June 2021 to July 2023.
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Binance and the Future of Crypto in Canada
This fine adds to the list of problems facing Binance. Previously, in November 2023, the United States Department of Justice (DOJ) reached a plea bargain agreement with Binance worth US$4 billion. The agreement is related to an investigation into alleged money laundering, fraud and sanctions violations. Not only that, the CEO of Binance at that time, Changpeng "CZ" Zhao, also had to resign from his position and was fined US$50 million. Ultimately, in April 2024, Zhao was sentenced to four months in prison after pleading guilty to violating anti-money laundering sanctions regulations.
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This action by FINTRAC sends a strong message to crypto exchanges operating in Canada. They must comply with AML regulations. The fine against Binance is also a highlight for the crypto industry globally. This case emphasizes the importance of implementing strict compliance practices to ensure integrity and trust in digital assets.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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