Canada’s anti-money laundering agency has imposed a nearly C$6 million ($4.38 million) fine on cryptocurrency exchange Binance for violating the country’s money laundering and terrorist financing laws.

According to Reuters, the anti-money laundering agency 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.

Binance did not immediately respond to a Reuters request for comment.

SaharaReporters reported last Tuesday that the founder and former Binance CEO Changpeng Zhao had been sentenced to four months in prison in the United States. Zhao pleaded guilty in November 2023 to a money laundering charge. U.S. District Judge Richard Jones said in court last Tuesday that Zhao has also satisfied the requirement of him to pay $50 million in fines.

The 47-year-old admitted to violating the Bank Secrecy Act by willfully failing to set up an effective anti-money laundering system at Binance.

Zhoa founded and ran the cryptocurrency exchange as CEO from July 2017 to November 2023.

In March, SaharaReporters reported that a U.S. district court had ordered that Zhao must surrender his Canadian passport and notify the court before travelling within the country.


The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) on Thursday said Binance had failed to register as a foreign money services business with the intelligence body despite several deadlines.

Source: https://saharareporters.com/2024/05/10/canada-fines-binance-over-4million-violating-money-laundering-terrorist-financing-laws

The Nigerian government his been vindicated

They didn't kidnap nor arrest Lawrence Truong, the country general manager.

9ja government simply behaved like thugs.

To do things the right way ain't rocket science.

We are still waiting for their fake deportation of the binance staff that escaped.

semc:
The Nigerian government his been vindicated

How's Nigerian government vindicated?

Nigerian government is claiming Binance stole $26Billion.

semc:
The Nigerian government his been vindicated

News for BATerians to wail over😂


They've been finding something to justify their kidnapping foreign investors

semc:
The Nigerian government his been vindicated

"Terrorist financing"??

Were they working hand in hand with shettima, Wow this is new

Binance self go don tire. Every country just dey hunt them left and right.

O pari. Shame on everyone who faulted us for dragging these money laundering platform to our court.

Cindypresh:


"Terrorist financing"??

Were they working hand in hand with shettima, Wow this is new

Actually he was working hand in hand with IPOB terrorists

Cindypresh:


News for BATerians to wail over😂


They've been finding something to justify their kidnapping foreign investors

." Foreign Investor" chaiiii8 criminals full Nigeria.

They've left Canada.
I have written about this before. I cringe at how we tolerate corporate misdemeanor in Nigeria in the name of let FDI grow.
Can landmark build a structure into the beach which was not included in her Title in America or even SA? Can Binance evade arrest/jump bail in America or Canada (even if nobody is watching him)? Will MTN repatriate funds anyhow, even in SA, like they do in Nigeria?
The one that vexes me the most is when a company commits offense in Nigeria and then is fined in its home country for the offence committed in Nigeria? No be juju be that! Yet you see some citizens say don't touch them to allow FDI, all for mundane interests!
Please read about how SA dealt with KPMG wrt Gupta family deals. See as US dey handle Tiktok (same as how China handles YouTube). Yet people wan die because Buhari questioned Twitter.
Here big fours, IOCs just dey lounge... You can imagine some overseas coy dey fund banditry for mineral mining in North Central. Haba!

Bitter Obi and the children of hate and bitterness have been put to shame.
PS- Nairaland has changed Obi'diots (without the ' ) to Obi supporters, Lol.

IPOBdients will claim Binance won't pay the fine

Zonefree:



Nigerian government is claiming Binance stole $26Billion.

Show evidence the Nigerian government made this claim

jmoore:
They didn't kidnap nor arrest Lawrence Truong, the country general manager.

9ja government simply behaved like thugs.

To do things the right way ain't rocket science.

We are still waiting for their fake deportation of the binance staff that escaped.

Cindypresh:


News for BATerians to wail over😂


They've been finding something to justify their kidnapping foreign investors

They are being legally held by valid court approvals, neither were they kidnapped.

Are you smarter than any of the leading democratic nations and global institutions, who are aware that Nigeria is, legally holding senior personnel of Binance, yet they have not once criticised the government of Nigeria?

Not even the countries the Binance executives originate from have accused Nigeria of any wrong doing in this matter.

So why is it that it is Nigerians like yourselves that are so irresponsible? Why must you always stand in opposition with your country just because your preferred candidate was defeated at the polls?

Shame on you.

Cindypresh:


"Terrorist financing"??

Were they working hand in hand with shettima, Wow this is new

They are working hand in hand with the Albino

Throwback:



They are being legally held by valid court approvals, neither were they kidnapped.

Are you smarter than any of the leading democratic nations and global institutions, who are aware that Nigeria is, legally holding senior personnel of Binance, yet they have not once criticised the government of Nigeria?

Shame on you.

I am smarter than all Tinubu supporters.
Have any of the countries criticized the highest scam to be unleashed by Tinubu's government in the history of Nigeria under the guise of cybersecurity levy?

Spits on you.

jmoore:

I am smarter than all Tinubu supporters.
Have any of the countries criticized the highest scam to be unleashed by Tinubu's government in the history of Nigeria under the guise of cybersecurity levy?

Spits on you.

Lol Bitter Obi supporters and smartness in the same sentence?

The joke is on you. If you love Binance so much, move to where the guy is held and cuddle him at night.

jmoore:

I am smarter than all Tinubu supporters.
Have any of the countries criticized the highest scam to be unleashed by Tinubu's government in the history of Nigeria under the guise of cybersecurity levy?

Spits on you.

You see how you betray your ignorance?

Why will any country criticize tax policy in Nigeria, when every country have its tax peculiarities that is not the business of another country?

Is Nigeria criticizing 47% income tax in Scotland or 50% income tax in Spain, that will require another country to criticize any tax policy in Nigeria?

Yet, that is your stupid analogy to explain why the originating countries and the global democratic bodies, are silent over a legal matter in Nigeria that you have carried on your head against your country as if you have been promised 30 BTC by the Binance executives.

You are very shameless in your lack of patriotism.

I ask you again, if the countries that the Binance executives originate from have not even come out to accuse Nigeria of conducting its affairs with those persons in conflict with any known law that is local or international, why is it that it is you a Nigerian that is so upset by this affair.

Why do you hate your country so much?

LegendHero:


Lol Bitter Obi supporters and smartness in the same sentence?

The joke is on you. If you love Binance so much, move to where the guy is held and cuddle him at night.

You only proved me right. Is binance the name of a person?

Secondly, it is like telling me to go and catch the killers of Deborah by myself because I criticized how APC Muslim government freed the killers of Deborah.

Una just dey babablu lame replies up and down.

jmoore:

You only proved me right. Is binance the name of a person?

Secondly, it is like telling me to go and catch the killers of Deborah by myself because I criticized how APC Muslim government freed the killers of Deborah.

Una just dey babablu lame replies up and down.

You can love a brand. Binance is a company and a brand.

You might love them so much to care for their detained worker. I know Bitter Obi supporters cannot comprehend well, so I forgive you.

Throwback:

Why do you hate your country so much?

I don't hate Nigeria. You don't know frustrated I was when Odion Ighalo missed a chance that would have made us to quailfy for next stage in the worldcup against Argentina, neither do you know how disappointed I was this year when Ivorycoast defeated us in the finals of AFCON.

I only hate foolish misleaders in power.

LegendHero:


You can love a brand. Binance is a company and a brand.

You might love them so much to care for their detained worker. I know Bitter Obi supporters cannot comprehend well, so I forgive you.

Ebola Tinubulators and low IQ.

Keep trying.

Binance and Terrorism.


https://www.youtube.com/watch?v=Ln9mVHfUnJU?si=2n1S-WH4OOPg7AnC

jmoore:
They didn't kidnap nor arrest Lawrence Truong, the country general manager.

9ja government simply behaved like thugs.

To do things the right way ain't rocket science.

We are still waiting for their fake deportation of the binance staff that escaped.

Must NIGERIA do as America or Canada?
It not a rocket science to know that whatever Nigeria does every emergency lover sees it as wrong.
World wide Binance is being chased around for their wrongdoing, yet haters of Nigeria think Nigeria should be different

Putindbutt:
Bitter Obi and the children of hate and bitterness have been put to shame.

PS- Nairaland has changed Obi'diots (without the ' ) to Obi supporters, Lol.

LOl Nairaland is right.

gtown:

Must NIGERIA do as America or Canada?
It not a rocket science to know that whatever Nigeria does every emergency lover sees it as wrong.
World wide Binance is being chased around for their wrongdoing, yet haters of Nigeria think Nigeria should be different

Babablu lovers of jagajaga with petrol at 1,000 naira per liter, terrorists kidnapping hundreds of students and Tinubu government paying ransom to the terrorists so they can fund the budget of their terrorism.

semc:
The Nigerian government his been vindicated

Gist4u:
Binance and Terrorism.


https://www.youtube.com/watch?v=Ln9mVHfUnJU?si=2n1S-WH4OOPg7AnC

FreeStuffsNG:
O pari. Shame on everyone who faulted us for dragging these money laundering platform to our court.

jmoore:
They didn't kidnap nor arrest Lawrence Truong, the country general manager.

9ja government simply behaved like thugs.

To do things the right way ain't rocket science.

We are still waiting for their fake deportation of the binance staff that escaped.

Wittyness

The Nigerian government his been vindicated

semc:
The Nigerian government his been vindicated

How?did u hear kidnap binance executive?

So Tinubu boys are telling us that Binance executives were arrested for terrorism?