Fintrac fines crypto exchange Binance Holdings $6M

FILE - The Binance app icon is seen on a smartphone, Tuesday, Feb. 28, 2023, in Marple Township, Pa. AP Photo/Matt Slocum, File

The federal anti-money laundering agency has issued a $6-million fine to cryptocurrency exchange company Binance Holdings Ltd.

Fintrac says Binance failed to register with the agency as a foreign money services business.

It also says the company failed to report large virtual currency transactions of $10,000 or more in the course of a single transaction, together with the prescribed information.

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Fintrac chief executive Sarah Paquet says the agency will continue to work with businesses to help them understand and comply with their obligations.

Binance announced last year that it would withdraw from the Canadian market, citing regulatory concerns.

In November, the company agreed to pay a roughly US$4-billion settlement in the U.S. after breaking U.S. anti-money laundering and sanction laws.

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