Binance has appealed the $4.4 million fine imposed by Canadian regulators

ChainCatcher news, according to a report by Cointelegraph, Binance has appealed a CAD 6 million (approximately USD 4.4 million) fine imposed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in a document submitted to the Canadian federal court system on June 5, alleging that the FINTRAC director did not comply with anti-money laundering and counter-terrorism financing (CFT) regulations.

In May of this year, FINTRAC fined Binance CAD 6 million (approximately USD 4.4 million) for failing to register as a foreign money services business and for not reporting virtual currency transactions exceeding CAD 10,000. In its appeal, Binance stated that it did not provide services directly to Canadian residents and announced its exit from the Canadian market in May 2023.