Sources confirms Binance was fined $6,002,000( six million and two thousand Dollars ) by Canada’s financial watchdog, for breaching money-laundering protections.
Surfacing weeks after former Binance CEO Changpeng Zhao was sentenced to four months imprisonment, for allegedly violating some currency regulations in the United States. Sources confirmed that the world’s largest crypto exchange had received the financial penalty on Tuesday from Canada’s FINTRAC agency for failing to register as a foreign money services business and failing to report virtual currency transactions exceeding $10,000 CAD, the regulatory body said in a publication after the court’s ruling earlier today the 9th of May 2024.