Canada: 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 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations. Binance was found to have failed to register with FINTRAC as a foreign money services business and report large virtual currency transactions of CAD 10’000 or more.