FinTRAC fines KuCoin for failing to report suspicious crypto transactions
Canada’s financial crime watchdog has handed down its largest ever penalty against cryptocurrency exchange KuCoin, totalling CAD$19.5 million.
The Financial Transactions and Reports Analysis Centre of Canada, known as FinTRAC, said the Seychelles based company, operated by Peken Global Limited, violated anti-money laundering rules.
FinTRAC determined KuCoin failed to register as a money services business. The exchange also neglected to report suspicious transactions and large virtual currency transfers to the authorities.
In total, between June 1, 2021, and May 8, 2024, KuCoin did not report 2,952 transactions of CAD$10,000 or more. Additionally, the watchdog found 33 instances where the company failed to file suspicious transaction…
