On May 7, 2024, this foreign money services company was hit with an administrative monetary penalty of $6,002,000 for failing to abide by the regulations attached to Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

The following administrative infractions were discovered to have been committed by Binance Holdings Limited:

Inability to register as a foreign money services business with FINTRAC; and Inability to submit the required information for big virtual currency transactions of $10,000 or more in a single transaction.

The purpose of Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime is to safeguard both the country's economic stability and citizens' safety. Businesses will continue to receive assistance from FINTRAC in understanding and meeting their Act-related responsibilities. Additionally, we'll be stern in making sure companies keep up their portion of the job, and when necessary, we'll take the necessary steps.

Director and CEO of the Financial Transactions and Reports Analysis Centre of Canada is Sarah Paquet.