Canada

The cryptocurrency exchange announced plans to exit the Canadian market in 2023 but may still face enforcement action from local regulators.

Cryptocurrency exchange Binance has filed an appeal for a $4.4 million fine imposed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in May.

In a June 5 filing in Canada’s Federal Court system, Binance Holdings Limited filed a notice of statutory appeal against the director of FINTRAC over allegations of noncompliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. The regulator announced on May 9 that it had fined Binance more than 6 million CAD — roughly $4.4 million — for violations including failure to register as a foreign money services business and report digital currency transactions that exceeded $10,000.

Binance reportedly said in its appeal that it did not direct its services to Canadian residents. The exchange announced plans to exit the Canadian market in May 2023, blaming the regulatory environment. Cointelegraph reached out to Binance for comment but did not receive a response at the time of publication.

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