The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a penalty of approximately 6 million Canadian dollars (U.S. $4.4 million) against crypto platform Binance Holdings Limited over alleged noncompliance with the country’s anti-money laundering/countering the financing of terrorism (AML/CFT) law.
Binance failed to register as a foreign money services business and did not report large virtual currency transactions of $10,000 or more in a single transaction together with the prescribed information, the agency announced Thursday in a press release.
