The post l’exchange crypto fa ricorso in Canada contro una multa da $4,4 milioni appeared on BitcoinEthereumNews.com.

The crypto exchange Binance has filed an appeal in Canada against the 4.4 million fine imposed by Fintrac.  Reported by Bloomberg citing Canadian Press as the source. Canada: The million-dollar fine to the crypto exchange Binance In May, the Canadian financial markets regulatory authority, Fintrac, had fined the exchange for AML and CFT violations.  The fine imposed was 6 million Canadian dollars (CAD), corresponding to approximately 4.4 million US dollars (USD).  The Canadian regulatory authority has accused Binance of facilitating 5,902 transactions of at least 10,000 CAD, from June 2021 to July 2023, without being registered in their records. Registration would be mandatory to carry out this type of activity in Canada, and thus the accusations have been made. In the official statement from Fintrac in May, it was stated that the reason for the fine was Binance’s non-compliance in Canada with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and related regulations. Furthermore, it was reported that the Canadian regulatory authority had found that Binance Holdings Limited had committed some administrative violations, such as the failure to register with FINTRAC itself as a foreign money services business, and the failure to report large virtual currency transactions equal to or greater than $10,000.  Therefore, the exchange was not accused of money laundering, but only of not reporting significant transaction amounts to the Canadian authorities. Although these transactions are not necessarily related to money laundering or terrorism financing, the lack of reporting meant that the authorities could not verify it.  The reaction of Binance Already in May of last year, Binance had announced its intention to exit the Canadian market precisely due to regulatory concerns.  However, Fintrac previously pointed out that the company had several opportunities to register in Canada in order to operate legally, but…

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Filed under: News - @ June 20, 2024 2:16 pm