Achi news desk-
OTTAWA –
The federal anti-money laundering agency has fined cryptocurrency exchange Binance Holdings Ltd. $6 million.
Fintrac says Binance has failed to register with the agency as a foreign exchange services business.
It also says the company failed to report large virtual currency transactions of $10,000 or more during a single transaction, along with the prescribed information.
Fintrac chief executive Sarah Paquet said 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 United States after violating US anti-money laundering and sanction laws.
