Binance Holdings appeals $6M Fintrac fine

Binance Holdings Ltd. is appealing a $6-million fine imposed on the company by Fintrac, the federal anti-money laundering agency.

In its appeal to the Federal Court, the cryptocurrency exchange company says it does not direct its services at those in Canada and any involvement in the Canadian market is incidental to its global business.

Binance says it had sought to develop operations in Canada, but it never came to fruition.

The company announced last year that it would withdraw from the Canadian market, citing regulatory concerns.

Fintrac said in May that Binance failed to register with the agency as a foreign money services business and also failed to report large virtual currency transactions of $10,000 or more in the course of a single transaction, together with the prescribed information.

In November, Binance agreed to pay a roughly US$4-billion settlement in the U.S. after breaking U.S. anti-money laundering and sanction laws.

The Canadian Press

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