“$6 million for violating the country’s money laundering and terrorist financing laws”.on its website, FINTRAC said Binance had failed to register as a foreign money services business with the intelligence body.
“This foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime and Terrorist Financing Act and its associated Regulations.Failure to register with FINTRAC as a foreign money services business; and failure to report large virtual currency transactions of $10,000 or more in the course of a single transaction, together with the prescribed information.
Adjudged to be the largest cryptocurrency exchange by trading volume, Binance has been the subject of regulatory sanctions in some parts of the world.According to US officials, Zhao intentionally turned a blind eye to transactions that financed terrorism, the illegal drug trade, and child sex abuse.
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