{"id":106387,"date":"2024-05-11T14:23:05","date_gmt":"2024-05-11T13:23:05","guid":{"rendered":"https:\/\/bodexng.com\/?p=106387"},"modified":"2024-05-11T14:23:08","modified_gmt":"2024-05-11T13:23:08","slug":"canada-fines-binance-4-38m-for-breach-of-money-laundering-laws","status":"publish","type":"post","link":"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/","title":{"rendered":"Canada fines Binance $4.38m for breach of money laundering laws"},"content":{"rendered":"
<\/div>\n

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance, a popular cryptocurrency platform, $6 million for violating the country\u2019s money laundering and terrorist financing laws.<\/p>\n\n\n\n

According to international media, the fine is valued in Canadian dollars, bringing the total amount to USD4.38 million when converted.<\/p>\n\n\n\n

In a recent statement on its website, FINTRAC said Binance had failed to register as a foreign money services business with the intelligence body.<\/p>\n\n\n\n

\u201cFINTRAC announced today [Thursday] that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance,\u201d the statement reads.<\/p>\n\n\n\n

\u201cThis foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.<\/p>\n\n\n\n

\u201cBinance Holdings Limited was found to have committed the following administrative violations: Failure to register with FINTRAC as a foreign money services business; and failure to report large virtual currency transactions of $10,000 or more in the course of a single transaction, together with the prescribed information.\u201d<\/p>\n\n\n\n

Commenting on the matter, Sarah Paquet, director and chief executive officer of FINTRAC, said the country\u2019s anti-money laundering and anti-terrorist financing regime is in place to protect the safety of Canadians and the security of the nation\u2019s economy.<\/p>\n\n\n\n

\u201cFINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.\u201d<\/p>\n\n\n\n

Adjudged to be the largest cryptocurrency exchange by trading volume, Binance has been the subject of regulatory sanctions in some parts of the world.<\/p>\n\n\n\n

On April 30, Changpeng Zhao, the founder of Binance, was sentenced to four months in prison for money laundering, unlicensed money transmitting and violations in Seattle, United States (US).<\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance, a popular cryptocurrency platform, $6 million for violating the country\u2019s money laundering and terrorist financing laws. According to international media, the fine is valued in Canadian dollars, bringing the total amount to USD4.38 million when converted. In a recent statement on its […]<\/p>\n","protected":false},"author":886,"featured_media":106236,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":[]},"categories":[427],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nCanada fines Binance $4.38m for breach of money laundering laws<\/title>\n<meta name=\"description\" content=\"The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance, a popular cryptocurrency\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canada fines Binance $4.38m for breach of money laundering laws\" \/>\n<meta property=\"og:description\" content=\"The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance, a popular cryptocurrency\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/\" \/>\n<meta property=\"og:site_name\" content=\"BodexNG\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/web.facebook.com\/bodexng\/?_rdc=1&amp%3bamp%3b_rdr\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-11T13:23:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-11T13:23:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bodexng.com\/wp-content\/uploads\/2024\/05\/binance-building.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"BodexNG\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@bodexng\" \/>\n<meta name=\"twitter:site\" content=\"@bodexng\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"BodexNG\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/\"},\"author\":{\"name\":\"BodexNG\",\"@id\":\"https:\/\/bodexng.com\/#\/schema\/person\/8e785bd6f525bebadad85f7e6b9b2f4b\"},\"headline\":\"Canada fines Binance $4.38m for breach of money laundering laws\",\"datePublished\":\"2024-05-11T13:23:05+00:00\",\"dateModified\":\"2024-05-11T13:23:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/\"},\"wordCount\":329,\"publisher\":{\"@id\":\"https:\/\/bodexng.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/\",\"url\":\"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/\",\"name\":\"Canada fines Binance $4.38m for breach of money laundering laws\",\"isPartOf\":{\"@id\":\"https:\/\/bodexng.com\/#website\"},\"datePublished\":\"2024-05-11T13:23:05+00:00\",\"dateModified\":\"2024-05-11T13:23:08+00:00\",\"description\":\"The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance, a popular cryptocurrency\",\"breadcrumb\":{\"@id\":\"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/bodexng.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Canada fines Binance $4.38m for breach of money laundering laws\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/bodexng.com\/#website\",\"url\":\"https:\/\/bodexng.com\/\",\"name\":\"BodexNG\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/bodexng.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/bodexng.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/bodexng.com\/#organization\",\"name\":\"Bodex Media\",\"url\":\"https:\/\/bodexng.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bodexng.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/bodexng.com\/wp-content\/uploads\/2022\/03\/bodex-media-nom.png\",\"contentUrl\":\"https:\/\/bodexng.com\/wp-content\/uploads\/2022\/03\/bodex-media-nom.png\",\"width\":918,\"height\":1152,\"caption\":\"Bodex Media\"},\"image\":{\"@id\":\"https:\/\/bodexng.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/web.facebook.com\/bodexng\/?_rdc=1&amp;_rdr\",\"https:\/\/twitter.com\/bodexng\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/bodexng.com\/#\/schema\/person\/8e785bd6f525bebadad85f7e6b9b2f4b\",\"name\":\"BodexNG\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bodexng.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/01e9342ee72aeedbbe53e506e878c204?s=96&d=wp_user_avatar&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/01e9342ee72aeedbbe53e506e878c204?s=96&d=wp_user_avatar&r=g\",\"caption\":\"BodexNG\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Canada fines Binance $4.38m for breach of money laundering laws","description":"The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance, a popular cryptocurrency","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/","og_locale":"en_US","og_type":"article","og_title":"Canada fines Binance $4.38m for breach of money laundering laws","og_description":"The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance, a popular cryptocurrency","og_url":"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/","og_site_name":"BodexNG","article_publisher":"https:\/\/web.facebook.com\/bodexng\/?_rdc=1&%3bamp%3b_rdr","article_published_time":"2024-05-11T13:23:05+00:00","article_modified_time":"2024-05-11T13:23:08+00:00","og_image":[{"width":1024,"height":768,"url":"https:\/\/bodexng.com\/wp-content\/uploads\/2024\/05\/binance-building.jpg","type":"image\/jpeg"}],"author":"BodexNG","twitter_card":"summary_large_image","twitter_creator":"@bodexng","twitter_site":"@bodexng","twitter_misc":{"Written by":"BodexNG","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/#article","isPartOf":{"@id":"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/"},"author":{"name":"BodexNG","@id":"https:\/\/bodexng.com\/#\/schema\/person\/8e785bd6f525bebadad85f7e6b9b2f4b"},"headline":"Canada fines Binance $4.38m for breach of money laundering laws","datePublished":"2024-05-11T13:23:05+00:00","dateModified":"2024-05-11T13:23:08+00:00","mainEntityOfPage":{"@id":"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/"},"wordCount":329,"publisher":{"@id":"https:\/\/bodexng.com\/#organization"},"articleSection":["Business"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/","url":"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/","name":"Canada fines Binance $4.38m for breach of money laundering laws","isPartOf":{"@id":"https:\/\/bodexng.com\/#website"},"datePublished":"2024-05-11T13:23:05+00:00","dateModified":"2024-05-11T13:23:08+00:00","description":"The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance, a popular cryptocurrency","breadcrumb":{"@id":"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/bodexng.com\/2024\/05\/canada-fines-binance-4-38m-for-breach-of-money-laundering-laws\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bodexng.com\/"},{"@type":"ListItem","position":2,"name":"Canada fines Binance $4.38m for breach of money laundering laws"}]},{"@type":"WebSite","@id":"https:\/\/bodexng.com\/#website","url":"https:\/\/bodexng.com\/","name":"BodexNG","description":"","publisher":{"@id":"https:\/\/bodexng.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bodexng.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/bodexng.com\/#organization","name":"Bodex Media","url":"https:\/\/bodexng.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bodexng.com\/#\/schema\/logo\/image\/","url":"https:\/\/bodexng.com\/wp-content\/uploads\/2022\/03\/bodex-media-nom.png","contentUrl":"https:\/\/bodexng.com\/wp-content\/uploads\/2022\/03\/bodex-media-nom.png","width":918,"height":1152,"caption":"Bodex Media"},"image":{"@id":"https:\/\/bodexng.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/web.facebook.com\/bodexng\/?_rdc=1&amp;_rdr","https:\/\/twitter.com\/bodexng"]},{"@type":"Person","@id":"https:\/\/bodexng.com\/#\/schema\/person\/8e785bd6f525bebadad85f7e6b9b2f4b","name":"BodexNG","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bodexng.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/01e9342ee72aeedbbe53e506e878c204?s=96&d=wp_user_avatar&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/01e9342ee72aeedbbe53e506e878c204?s=96&d=wp_user_avatar&r=g","caption":"BodexNG"}}]}},"jetpack_featured_media_url":"https:\/\/bodexng.com\/wp-content\/uploads\/2024\/05\/binance-building.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p6cQfH-rFV","_links":{"self":[{"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/posts\/106387"}],"collection":[{"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/users\/886"}],"replies":[{"embeddable":true,"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/comments?post=106387"}],"version-history":[{"count":2,"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/posts\/106387\/revisions"}],"predecessor-version":[{"id":106389,"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/posts\/106387\/revisions\/106389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/media\/106236"}],"wp:attachment":[{"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/media?parent=106387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/categories?post=106387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bodexng.com\/wp-json\/wp\/v2\/tags?post=106387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}