Canadian authorities have fined the world’s largest cryptocurrency exchange 6.6 million Canadian dollars (4.4 million US dollars) for violating money laundering and terrorist financing laws.
According to an analysis by the Financial Transactions and Reporting Center of Canada, Binance failed to report thousands of large virtual currency deals worth more than 10,000 Canadian dollars (~$7,310) per transaction thousands of times. In addition, the company was not registered as a foreign enterprise in the country.
Also, Binance founder Changpeng Zhao was recently sentenced to 4 months in prison after pleading guilty to violating anti-money laundering requirements.