FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, has issued a press release imposing a $6 million CAD (approximately $4.47 million USD) administrative penalty on Binance Holdings Limited for operating as a foreign money services business (FMSB) without registration and for failing to report large virtual currency transactions of $10,000 USD or more.
"Breaking Free! Canadian Regulatory Agency Imposes $6 Million CAD Fine on Binance"