The cryptocurrency exchange announced plans to exit the Canadian market in 2023 but may still face enforcement action from local regulators.
Two Canadian men have been arrested and charged with fraud for allegedly swindling investors out of $40 million CAD – approximately $30 million USD – in a crypto and foreign exchange investment scheme.
FINTRAC reported that Binance facilitated 5,902 separate transactions of $10,000 or more in crypto from June 2021 to July 2023 and failed to register with the regulator.
Canadian regulators hit Binance with a C$6 million ($4.3 million) fine on Tuesday, alleging the crypto exchange committed two separate “administrative violations” of the country’s financial regulations.
The United States hosted its first 1,000 crypto ATMs in November 2017, while Canada achieved the same in January 2021.
Even after Binance announced its departure from Canada in May 2023, local authorities have continued to investigate the exchange.
Canada is aiming to have the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 other countries.
Coinbase's expansion into Canada has cleared the hurdle of a "restricted dealer" registration, the company said on Thursday, making it the biggest registered crypto exchange in that jurisdiction.
Conifex, a B.C.-based cryptocurrency mining company, challenged B.C. Hydro's 18-month moratorium on mining.
A federal judge said there was no national emergency justifying the invocation of the emergency law which gave the government the power to freeze assets.
Vivek Ramaswamy and Ron DeSantis quit the U.S. presidential race, while Donald Trump promised to “never allow” a CBDC in the country.
The Canadian exchange suffered a security break earlier this month, resulting in the loss of an unknown amount of customer funds.
After $16 million in outflows the previous week, crypto fund offerings bounced back with $103 million in inflows in the week ending Dec. 22.