Canada: Financial Transactions and Reports Analysis Centre issued fine of CAD 19.5 million against KuCoin over violation of business registration requirements

On 25 September 2025, the Financial Transactions and Reports Analysis Centre (FINTRAC) imposed an administrative monetary penalty of CAD 19. 552 million on Peken Global Limited, also operating as KuCoin, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. The Seychelles-incorporated foreign money services business operating in Canada failed to register with FINTRAC. It also failed to report large virtual currency transactions of CAD 10,000 or more, including the required information. Additionally, it did not submit suspicious transaction reports despite reasonable grounds to suspect involvement in money laundering or terrorist financing.