Exit Ineffectiveness! Canadian Regulatory Authority Imposes $6 Million CAD Fine on Binance

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued a press release imposing a CAD 6 million (approximately USD 4.47 million) administrative penalty on Binance Holdings Limited for its failure to register as a foreign money services business (FMSB) and for not reporting single virtual currency transactions of over USD 10,000.