OTTAWA – The federal anti-money laundering company has issued a $6-million fine to cryptocurrency exchange firm Binance Holdings Ltd.
Fintrac says Binance did not register with the company as a overseas cash providers enterprise.
It additionally says the corporate did not report massive digital foreign money transactions of $10,000 or extra in the midst of a single transaction, along with the prescribed data.
Fintrac chief government Sarah Paquet says the company will proceed to work with companies to assist them perceive and adjust to their obligations.
Binance introduced final yr that it could withdraw from the Canadian market, citing regulatory issues.
In November, the corporate 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 printed Might 9, 2024.