Canada’s anti-money laundering agency has imposed a roughly $6-million fine on the world’s largest cryptocurrency exchange, Binance Holdings Ltd., the first monetary penalty issued by the financial intelligence unit against a virtual currency trading platform.
The Financial Transactions and Reports Analysis Centre of Canada, or FinTRAC, levied its own, much smaller penalty after finding that Binance had committed two violations of the Proceeds of Crime and Terrorist Financing Act. Binance pulled out of the Canadian market last year, citing new regulatory guidance for cryptocurrency trading platforms.
The second violation relates to large virtual currency transactions. Businesses such as banks, real estate brokers, casinos and money services businesses are required to report certain transactions, including suspicious ones and those involving large sums of cash or virtual currency, to the financial intelligence agency.
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