Canada: FINTRAC investigation into Binance's compliance with Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations
Progress
Current status
in force
07 May 2024 in force
Scope
Implementers
Canada
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
other regulatory body
Implementation Level
national
Timeline of events
Issued FINTRAC ruling following investigation into Binance’s compliance with Proceeds of Crime and Terrorist Financing Act
On 7 May 2024, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued an administrative monetary penalty against Binance Holdings Limited. The penalty, amounting to CAD 6’002’000, was imposed for non-compliance with Part 1…
SourceEvent type
investigation
Action type
ruling
Government branch
executive
Government body
other regulatory body