As a seasoned crypto investor with a strong background in compliance and regulatory matters, I’m deeply concerned about the recent regulatory action taken against Binance Holdings Limited by FINTRAC in Canada. The allegations of non-compliance with anti-money laundering regulations and reporting duties are not new to the crypto industry, but the scale and severity of these violations as outlined by FINTRAC are alarming.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has initiated regulatory proceedings against Binance Holdings Limited due to suspected violations of anti-money laundering regulations.
On May 7, 2024, Binance was imposed a penalty of $6,002,000 for administrative reasons due to two infringements uncovered during a regulatory inspection conducted in 2023.
— FINTRAC_Canada (@FINTRAC_Canada) May 9, 2024
According to a May 9th statement by FINTRAC, Binance Holdings Limited, which includes Binance Holdings (IE) Ltd., Binance.com, Binance Global, and Binance, has been identified as a foreign money services business.
As a researcher looking into this matter, I can explain that FINTRAC’s regulatory action is in response to accusations of Binance failing to adhere to anti-money laundering regulations and reporting obligations. Some of these alleged violations involve Binance not registering as a Reporting Entity (FMSB) with FINTRAC, which is mandated under the Terrorist Financing and Proceeds of Crime (Money Laundering) Act.
Additionally, Binance is under scrutiny for allegedly neglecting to document large-value virtual currency transactions surpassing $10,000. Failure to report these transactions may facilitate money laundering and illicit activities.
Through blockchain analysis conducted by FINTRAC, the regulatory body identified that Binance Holdings Limited failed to file reports for over 5,900 transactions involving virtual currency worth $10,000 or more each, received from a single client between June 1, 2021, and July 19, 2023.
As a crypto investor in Canada, I’m subject to the watchful eye of FINTRAC, which is our Financial Intelligence Unit within the Canadian financial system. This regulatory body is committed to detecting and thwarting money laundering, financing of terrorism, and other illicit activities in our financial landscape.
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2024-05-09 23:16