The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a regulatory action against the crypto exchange giant Binance for allegedly violating money laundering rules. 

The regulator cited two violations: failing to register as a foreign money services business with FINTRAC and failing to report a virtual currency transaction surpassing $10,000 in a single trade. 

"Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global, and Binance, is determined to be a foreign money services business. Binance Holdings Limited was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024, for committing 2 violations. The violations were found during the course of a compliance activity in 2023," FINTRAC wrote in …