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20/06/24
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Binance Reportedly Appeals Canadian Regulator’s Fine
Binance reportedly appealed the fine imposed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) last month. Binance Holdings Limited filed the appeal in Canada’s Federal Court system on June 5.
This comes after FINTRAC announced the CAD$6 million fine imposed on Binance last month because it violated the law, including failure to register as a foreign money services business and report digital currency transactions that exceeded $10,000.
FINTRAC said the crypto exchange did not comply with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations, and did not complete its registration by the deadlines provided despite providing several opportunities.
According to a report, Binance in its appeal said it did not direct its services to residents of Canada and that any involvement in the Canadian market was incidental to its business across the world.
Further, according to the crypto exchange, its efforts aimed at developing operations in Canada were never fruitful. Last year, Binance said it was exiting the market in Canada due to regulatory hassles.
The crypto exchange has been fined in other countries due to regulatory violations. Last November, Binance settled with the United States authorities, agreeing to pay $4.3 billion with the former CEO Changpeng Zhao stepping down. Zhao has been sentenced to a 4-month imprisonment and is currently serving it in federal prison.
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