Canada fines binance $4.38mln for money laundering violations? - page 2.

hugeblack

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Compared to $ 4.32 Billion, which binance paid to the United States, this amount is very small.

Quote

Canada's anti-money laundering agency on Thursday said it had imposed a nearly C$6 million ($4.38 million) fine on cryptocurrency exchange Binance for violating the money laundering and terrorist financing laws.
It added that Binance, which ceased operations in Canada last year, had not reported receiving virtual currency worth C$10,000 or more on 5,902 separate occasions between June 1, 2021 and July 19, 2023.

The article is short and talked about the reason, but their continued pushing these fines and stopping them from work indicates that they are earning well.

Cryptomultiplier

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Quote from: logfiles on May 12, 2024, 06:16:59 PM

It seems more and more countries with stickier AML policies are going to fine them at this rate. Up next might be the Netherlands, UK, Germany, China etc. I think I saw somewhere some time back that Nigeria wanted them to pay $10B in fines. How long is Binance going to keep paying these fines without thinking about exiting the market. You and I don't know, but what I am so sure is that this is going to affect their business in so countries so much

I don't wish this to be the beginning of an end for Binance following the current situation they are faced with in many countries.
Even with the fines they have to pay for violations, there's the issue of trust that would be lost and this would make its customers sort other better exchanges that don't have such case against it, just to ensure that their assets and investment are safe.

This is still an eye opener for other exchanges that think they're immune to probing and licensing and regulations from the government when it concerns the economy and security of their country.

logfiles

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It seems more and more countries with stickier AML policies are going to fine them at this rate. Up next might be the Netherlands, UK, Germany, China etc. I think I saw somewhere some time back that Nigeria wanted them to pay $10B in fines. How long is Binance going to keep paying these fines without thinking about exiting the market. You and I don't know, but what I am so sure is that this is going to affect their business in so countries so much

Smartvirus

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Quote from: BitMaxz on May 12, 2024, 05:54:10 PM

Quote from: alastantiger on May 12, 2024, 05:05:13 PM

Hey anyone can put a link to a news article and ask us to talk about it. You know it would be good to give a synopsis of what the article, and then share your thoughts.
That's how it should be done.
It is not everyone that will click on the link. We are all too care about phishing links. Have this in mind for next time..

I think he just wants to be a FUDster to make people sell their holdings from Binance.

This issue is always there since CZ pleaded guilty to money laundering and I'm sure not only Canada will ask for fines but also other countries that have strong AML.

When you have the government sell you a deal through your lawyer, it might have seemed like his best option but, the deals are sure to continue with every strong world power government where Binance is functioning and that is everywhere. Just another way to launch an attack on cryptocurrency by attacking any large corporation within its system. Binance is the biggest or one of the biggest centralized exchange in existence and an attack on them could go to some length to promote FUD but the good news is, pro-Bitcoiners and cryptocurrency enthusiasts knows better not to be shaken by this.
I think if the government is calling for regulations, there are a more better way to do it than a lawsuit. Going after these big guys is just laughable and that’s just so small a fine just to make headlines.

BitMaxz

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Quote from: alastantiger on May 12, 2024, 05:05:13 PM

Hey anyone can put a link to a news article and ask us to talk about it. You know it would be good to give a synopsis of what the article, and then share your thoughts.
That's how it should be done.
It is not everyone that will click on the link. We are all too care about phishing links. Have this in mind for next time..

I think he just wants to be a FUDster to make people sell their holdings from Binance.

This issue is always there since CZ pleaded guilty to money laundering and I'm sure not only Canada will ask for fines but also other countries that have strong AML.

News just doing its job to keep Bitcoin in a downtrend so that these whales can buy at a cheap price and later pay the news creator again to make good news to change from a downtrend to an uptrend that's what I always thought from the beginning why Bitcoin price action is a bit different compared on the past block halving.

Ambatman

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Binance jumping from one accusation to another
I guess they are now under the government radar and CZ can no longer sweep these under the carpet

Quote

the consequences is 3.48 million Canadian dollars

No is almost 6 million Canadian dollars.

With past records I would be surprised if they ain't guilty
Well $4.38M is not much for them to pay so it's not really going to affect them much.
But I doubt with this if another wouldn't sprang up.

alastantiger

sr. member

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Hey anyone can put a link to a news article and ask us to talk about it. You know it would be good to give a synopsis of what the article, and then share your thoughts.
That's how it should be done.
It is not everyone that will click on the link. We are all too care about phishing links. Have this in mind for next time.

To the topic of discussion, my thoughts is this.
If you did the crime, you should do the time.
If Binance indeed violated the money laundering laws of Canada, the they should as well be will do face the consequences. The the consequences is 3.48 million Canadian dollars.

Ojinga

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Patience is key

https://m.economictimes.com/markets/cryptocurrency/canada-fines-binance-4-38-mln-for-money-laundering-violations/articleshow/109986497.cms

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