Canada's financial watchdog, FINTRAC, has slapped a hefty $4.4 million fine on Binance, a global cryptocurrency giant, for violating anti-money laundering and terrorist financing laws. This move marks a significant tightening of regulatory controls in the cryptocurrency sector.

Binance failed to register as a foreign money services business and neglected to report numerous transactions exceeding $10,000 between June 2021 and July 2023. This oversight has resulted in a substantial penalty, which comes on the heels of Binance's decision to cease operations in Canada last year. The exchange has yet to comment on the fine.

This development follows the high-profile imprisonment of Binance's former CEO, Changpeng Zhao, who was sentenced to four months in prison for violating US anti-money laundering laws. Additionally, Binance agreed to pay a staggering $4.32 billion fine, while Zhao personally paid $100 million.

These recent actions against Binance highlight the escalating regulatory scrutiny facing the global cryptocurrency industry. Governments and institutions are intensifying efforts to ensure compliance with financial regulations, signaling a new era of accountability for cryptocurrency exchanges.