Canada: Issued FINTRAC ruling following investigation into Binance’s compliance with Proceeds of Crime and Terrorist Financing Act
Description
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…
Scope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body