Canada Slaps KuCoin With Record C$19.6M Fine

[cryptobro]

Canada’s financial intelligence unit FINTRAC has imposed a record C$19.6 million ($14 million) penalty on Peken Global Limited, operator of crypto exchange KuCoin, for failing to meet anti-money laundering (AML) rules. The Seychelles-based company allegedly didn’t register as a foreign money services business and failed to report nearly 3,000 large crypto transactions above C$10,000, plus 33 suspicious transaction reports between 2021 and 2024. FINTRAC labeled the breaches “serious” to “very serious.”

[EmTeam]

A $14M fine and thousands of missed reports show how tough regulators are getting on exchanges.

[Nahid10]

KuCoin’s AML failures highlight why global watchdogs are ramping up pressure on crypto firms.