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Binance Fined $4.3M by Canadian Financial Regulator for ‘Administrative Violations’

Canadian regulators hit Binance with a C$6 million ($4.3 million) fine on Tuesday, alleging the crypto exchange committed two separate “administrative violations” of the country’s financial regulations. In a Thursday press release, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the country's financial intelligence unit and top financial regulator, said Binance failed to register as a foreign money services business despite being provided with “several opportunities” to do so. The agency discovered the violations using blockchain explorer tools. Binance is also battling financial regulators in Nigeria.

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