TORONTO — Binance Holdings Ltd. is appealing a $6-million fine imposed on the corporate by Fintrac, the federal anti-money laundering company.
TORONTO — Binance Holdings Ltd. is appealing a $6-million fine imposed on the corporate by Fintrac, the federal anti-money laundering company.
In its attraction to the Federal Courtroom, the cryptocurrency exchange firm says it doesn’t direct its companies at these in Canada and any involvement within the Canadian market is incidental to its world enterprise.
Binance says it had sought to develop operations in Canada, but it surely by no means got here to fruition.
The corporate introduced final 12 months that it could withdraw from the Canadian market, citing regulatory issues.
Fintrac stated in Might that Binance did not register with the company as a international cash companies enterprise and in addition did not report massive digital forex transactions of $10,000 or extra in the midst of a single transaction, along with the prescribed data.
In November, Binance agreed to pay a roughly US$4-billion settlement within the U.S. after breaking U.S. anti-money laundering and sanction legal guidelines.
This report by The Canadian Press was first revealed June 19, 2024.
The Canadian Press