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Canadian Regulator Fines Crypto Exchange Binance $6 Million

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined cryptocurrency exchange Binance $6 million for violating the country’s money laundering and terrorist financing laws.

According to FINTRAC, Binance failed to register as a foreign money services business with the agency despite several requests and deadlines imposed on the crypto exchange.

FINTRAC added that Binance, which ceased operations in Canada last year, failed to report receiving virtual currencies worth $10,000 or more on nearly 6,000 separate occasions between 2021 and 2023.

The fine by FINTRAC is the latest setback for privately held Binance, which is the world’s biggest cryptocurrency exchange.

Binance's former Canadian chief executive officer (CEO), Changpeng Zhao, was recently sentenced to four months in prison after pleading guilty to violating U.S. money laundering laws.

Binance has agreed to pay a $4.32 billion U.S. penalty to settle legal cases brought against it in America, and Zhao himself has agreed to pay $100 million U.S. in criminal fines.