Canadian regulators impose a fine of 4.3 million dollars on Binance

ChainCatcher news, according to CoinDesk, Canadian regulators have fined Binance CAD 6 million (approximately USD 4.3 million), charging the cryptocurrency exchange with two separate "administrative violations" of the country's financial regulations.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that despite providing Binance with "several opportunities," it failed to register as a foreign money services business. Between June 1, 2021, and July 19, 2023, Binance failed to report 5,902 cryptocurrency transactions exceeding CAD 10,000 and their accompanying KYC information to the regulators. The agency discovered the violations using blockchain browser tools.