Cryptocurrencies

Cryptocurrency exchange Binance filed an appeal seeking a fine of 4.4 million

Cryptocurrency exchange Binance has appealed a $4.4 million fine imposed by the Financial Transactions Analysis and Reporting Center of Canada (FINTRAC) in May.

In a filing on June 5 with the Federal Court of Canada, Binance Holdings Limited filed a notice of judicial appeal against the director of FINTRAC regarding allegations of non-compliance with anti-money laundering regulations (LAB) and the financing of terrorism (CFT). The regulator announced on May 9 that it had fined Binance more than 6 million Canadian dollars – or about 4.4 million US dollars – for violations, including failure to register as a company foreign money services and report digital currency transactions exceeding $10,000.

Binance reportedly said in its appeal that it was not targeting 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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FINTRAC’s decision was separate from the legal issues Binance faces in other countries. In November 2023, the company reached a $4.3 billion settlement with U.S. authorities, which demanded the resignation of then-CEO Changpeng Zhao. Chow pleaded guilty to one count and is serving a four-month sentence in federal prison.

In February, Nigerian authorities arrested two Binance executives following allegations of tax evasion and money laundering at the company. Nadeem Angarwala, a British and Kenyan national, escaped from Nigerian custody and was in Kenya at the time of publication. Tigran Gambaryan, a former special agent for the United States Internal Revenue Service, reportedly contracted malaria while in detention in Nigeria.

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