Date: May 11, 2024
Source: Betakit
Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) is taking a firm stance on anti-money laundering (AML) compliance within the cryptocurrency industry. In a move that strengthens financial security, FINTRAC has imposed a penalty on Binance, a leading cryptocurrency exchange, for failing to register as a money services business and report large transactions.
This action demonstrates FINTRAC’s commitment to a transparent and secure financial ecosystem for Canadians. It comes alongside ongoing efforts by regulators to ensure responsible practices within the crypto space.
While Binance has faced legal challenges in other jurisdictions, this penalty underscores Canada’s proactive approach to financial security.
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