The Financial Transactions and Reports Analysis Centre (Fintrac) alleges the Seychelles-based crypto platform failed to report 33 transactions linked to possible money laundering or terrorist financing, along with other infractions. KuCoin has appealed the fine to the Federal Court, arguing in a filing that it’s a globally available platform that doesn’t specifically market its services to Canadians. (The Logic)
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The Financial Transactions and Reports Analysis Centre (Fintrac) alleges the Seychelles-based crypto platform failed to report 33 transactions linked to possible money laundering or terrorist financing, along with other infractions. KuCoin has appealed the fine to the Federal Court, arguing in a filing that it’s a globally available platform that doesn’t specifically market its services to Canadians. (The Logic)
Talking point: The penalty is the latest in a wave of recent enforcement actions by Fintrac, against entities ranging from casinos to jeweller Spence Diamonds. The KuCoin fine is just shy of the newly increased $20 million maximum. It’s more than double the $9.2 million Fintrac levied against TD Bank in 2024 for anti-money laundering failures, which drew criticism for being just a fraction of the US$3-billion settlement the bank reached with U.S. regulators for similar offences. KuCoin paid a $2.1 million fine to Ontario’s securities regulator in 2023 for operating an unregistered crypto platform.
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