Binance Appeals $4 Fine from Canada’s Regulator

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

The appeal was submitted to the Federal Court in Canada on June 5, citing alleged noncompliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.

FINTRAC had announced the fine on May 9, citing violations such as failure to register as a foreign money services business and report digital currency transactions over $10,000. Binance stated in their appeal that they did not target Canadian residents with their services.

The exchange also announced their decision to exit the Canadian market by May 2023, citing issues with the regulatory environment.

It is worth noting that the FINTRAC fine is unrelated to the legal issues Binance is facing in other countries.

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