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Binance has been fined C$6 million (US$4.38 million) by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Canada's anti-money laundering agency alleges that Binance violated money laundering and terrorist financing laws, stating the exchange failed to register as a foreign money services business and missed several deadlines.
Binance failed to report that it received crypto worth C$10,000 or more on 5,902 separate occasions between June 1, 2021 and July 19, 2023.
Last month, Ontario’s Superior Court of Justice initiated a certification motion for a class-action lawsuit against Binance, seeking damages for unlawfully facilitating derivatives trades.
The plaintiffs argued that Binance company sold cryptocurrency derivative products to retail investors without proper registration, involving tens of thousands of Canadian users.
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Binance's fines come as its founder and former CEO, Changpeng Zhao, has been sentenced to just four months in prison - down from the initial 36 months expected.
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Meanwhile, Binance's current CEO, Richard Teng, has broken his 10-month silence on the exchange's drama unfolding in Nigeria.
Writing a lengthy blog post titled "Tigran Gambaryan is Innocent and Must Be Released" on Tuesday, Teng defended the US citizen and Binance's regional manager for Africa, decrying his arrest.
"I want to start by sharing a bit about Tigran, a person I’ve gotten to know well, and admire deeply, since I joined Binance," Teng wrote. "The greatest irony and most unfortunate fact is that a highly valued global financial crime fighter, who is professionally recognized by his peers in both the private and public sectors, has been detained in Nigeria for more than two months for spurious reasons."
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