Canada’s anti-money laundering agency announced that it had imposed a fine of nearly C$6 million ($4.38 million) on cryptocurrency exchange Binance for violating money laundering and terrorist financing laws.
This comes on the heels of the cryptocurrency trading platform’s embattled case with the Nigerian government over similar charges of alleged money laundering amounting to $35 million.
According to Reuters, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that Binance had failed to register as a foreign money services business with the intelligence body despite multiple deadlines.
It added that Binance, which ceased operations in Canada last year, had not reported receiving virtual currency worth C$10,000 ($7,200) or more on 5,902 separate occasions between June 1, 2021, and July 19, 2023.
The latest development comes weeks after Binance’s former CEO Changpeng Zhao was sentenced to four months in prison after pleading guilty to violating U.S. laws against money laundering.
Binance agreed to a $4.32 billion penalty, and Zhao paid a $50 million criminal fine plus $50 million to the U.S. Commodity Futures Trading Commission
In Nigeria, the cryptocurrency trading platform is facing multiple charges ranging from money laundering to tax invasion to the tune of $35 million.
On its part, Binance CEO, Richard Teng, accused the Nigeria government of blackmail and bribery allocation, alleging that that some Nigerian officials sought a bribe of cryptocurrency from its executives, Tigran Gambaryan and Nadeem Anjarwalla, before their detention on February 28, 2024.
Meanwhile, the federal government reacted to the allegation, accusing Binance of diversionary tactics and blackmail.
The government said the claim is part of an orchestrated international campaign by Binance to undermine the Nigerian government.
The spokesperson of the government added that the allegations by Binance CEO lacks “any iota of substance,” and it is attempted to “blackmail” the government.
On February 28, Nairametrics reported that Nigeria officials detained two senior Binance executives.
Nadeem Anjarwalla, a 37-year-old British-Kenyan who serves as the regional manager for Africa, and Tigran Gambaryan, a 39-year-old American in charge of financial crime compliance at Binance.
