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Binance

Binance Slapped With $4M Fine By Canadian Regulator For Violation Of Rules

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Binance’s regulatory woes continue to mount as the world’s largest cryptocurrency exchange by trading volume has been fined C$6 million ($4.4 million) by Canada’s financial regulator, FINTRAC. 

The penalty was imposed due to Binance’s alleged failure to comply with money-laundering protections, specifically related to registering as a foreign money services business and reporting virtual currency transactions.

Binance’s Compliance Woes Continue

According to FINTRAC, Binance committed two administrative violations. Firstly, it is claimed that the exchange failed to register with FINTRAC as a foreign money services business. 

Secondly, Binance failed to report large virtual currency transactions of $10,000 or more, along with the required information, as mandated by regulations. In response to these violations, financial penalties were imposed.

Related Reading: Did Regulations Push LocalMonero Out? Privacy Coin Platform Bites The Dust

Sarah Paquet, Director and CEO of FINTRAC, emphasized the agency’s commitment to helping businesses understand and comply with their obligations. Paquet also stated that appropriate actions would be taken when necessary to ensure compliance within the industry. Paquet’s statement reads:

Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed

Regulatory Breaches

According to the regulator, Binance had multiple opportunities to register as a foreign money services business with FINTRAC. However, the exchange allegedly failed to complete the registration within the provided deadlines. 

Notably, until September 25th, 2023, when Binance ceased operations in Canada, the company was obligated to register with FINTRAC. During this period, FINTRAC claims that Binance violated its registration requirements.

Using blockchain analytics, FINTRAC identified that Binance failed to report over 5,902 separate instances of receiving amounts in virtual currency totaling $10,000 or more in a single transaction. 

Such omissions contravene the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Related Reading: SEC Delivers Deadly Blow To Ripple’s Latest Stablecoin Project

It is noteworthy that despite Binance’s increasing regulatory challenges, the exchange has expressed its commitment to increasing compliance by appointing a new board of directors, led by the recently appointed CEO, Richard Teng. Teng replaced former CEO Changpeng Zhao, who has since been sentenced to four months in prison.

Additionally, in response to growing regulatory requirements, the exchange intends to establish a headquarters. This move aims to address regulators’ demand for a physical presence and a more robust organizational structure.

Binance
The 1-D chart shows BNB’s price trending upwards. Source: BNBUSD on TradingView.com

Amidst these developments, Binance’s native token, BNB, has experienced a significant surge, reaching $598, driven by a 1.4% price increase in the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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