1/🧵 Binance faces a 6M CAD fine from Fintrac for AML & CTF non-compliance, not reporting 6,000 high-value transactions. Despite no direct laundering accusations, the lack of monitoring processes is under scrutiny. #threadstorm #inleo #cent
1/🧵 Binance faces a 6M CAD fine from Fintrac for AML & CTF non-compliance, not reporting 6,000 high-value transactions. Despite no direct laundering accusations, the lack of monitoring processes is under scrutiny. #threadstorm #inleo #cent
2/🧵 Despite exiting Canada in Sep 2023, Binance's past activities draw Fintrac's ire, questioning the relevance of regulatory frameworks vs. the fast-paced crypto industry. Binance's appeal suggests a strategic stance against perceived regulatory overreach.
3/🧵 Binance's contrasting responses to fines—settlement in the US vs. litigation in Canada reveal market prioritization. The case underscores the evolving dance between crypto innovation and regulation, with implications for global financial systems.
https://inleo.io/@azuri1/a-closer-look-at-binances-canadian-fine-bk4