The leading cryptocurrency exchange, Binance, has been slapped with a substantial fine of 6 million Canadian dollars (approximately $4.3 million) by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for violating anti-money laundering (AML) regulations. This penalty comes despite Binance's earlier exit from the Canadian market.

The Canadian anti-money laundering agency has accused Binance of failing to register as a foreign money service business before offering its services to Canadian citizens. FINTRAC also highlighted Binance's disregard for registration deadlines, as the exchange continued to receive cryptocurrencies from Canadians even after its departure from the country.

Between June 1, 2021, and July 19, 2023, Binance allegedly processed transactions worth approximately 10,000 Canadian dollars in 5,902 separate transactions without conducting proper Know-Your-Customer (KYC) procedures for the associated accounts.

This fine follows closely on the heels of a $4.3 billion penalty imposed by the United States Department of Justice (DOJ) in December 2023, further exacerbating Binance's regulatory challenges in key regions.

The exchange's troubles are not limited to Canada, as it faces intensifying regulatory hurdles in other promising markets, such as Nigeria. The West African nation has accused Binance of tax evasion and currency manipulation offenses, leading to the partial exit of the trading platform from the Nigerian market. Binance's executive, Tigran Gambaryan, remains in custody and is currently facing trial in Nigeria.

Binance's CEO, Richard Teng, has called on the Nigerian government to release Tigran and has even alleged that some anonymous individuals within the government attempted to solicit a $150 million bribe to resolve the exchange's problems. However, the Nigerian government has refuted these allegations and emphasized the need for Binance to address its actions through legal channels.

As Binance navigates these regulatory challenges, it remains to be seen how the exchange will adapt and respond to the mounting fines and legal battles in various jurisdictions. The outcome of these cases will undoubtedly have significant implications for Binance's future operations and the broader cryptocurrency industry.