Canada’s anti-money laundering agency has fined the company that runs major cryptocurrency exchange KuCoin nearly $20 million, citing violations of Canadian money-laundering laws.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of $19,552,000 against Peken Global Limited, which operates as KuCoin, for three non-compliance violations, the agency said in a Sept. 25 news release.
The Seychelles-incorporated foreign money services business, which operates in Canada, has roughly 40 million global users and hosts more than $US9 billion in trading volumes daily.
The financial crimes watchdog says the company had failed to register with FINTRAC as a foreign money services business, failed to report suspicious transaction reports, and had not reported large virtual currency transactions as required….