Connect with us

News

Canadian regulator fines Binance $4.4M

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has levied a $4.4 million administrative penalty on Binance for failing to comply with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.

Published

on

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has levied a $4.4 million administrative penalty on Binance for failing to comply with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.

In a notice issued on May 9, FINTRAC revealed that it had penalized Binance Holdings Limited for its failure to register as a foreign money services business and report digital currency transactions exceeding $10,000. The regulator reported a total of 5,902 transactions of $10,000 or more on Binance’s platform from June 2021 to July 2023.

According to FINTRAC, Binance had multiple opportunities to register with the agency but failed to do so by the given deadlines. Despite being deemed a foreign money services business, Binance continued to operate without proper registration until it officially ceased operations in Canada on September 25, 2023.

The $4.4 million penalty is separate from Binance’s legal troubles in other jurisdictions. In November 2023, the company reached a settlement with U.S. authorities, agreeing to pay $4.3 billion in penalties. As part of the deal, Changpeng Zhao stepped down as CEO and pleaded guilty to one felony charge, resulting in a four-month prison sentence.

In Nigeria, two Binance executives were arrested in February on charges of tax evasion and money laundering. While one of the individuals reportedly fled to Kenya, Interpol has indicated readiness to extradite him back to Nigeria. Court proceedings in Nigeria are set to resume on May 17.

Business

7-Eleven South Korea to accept CBDC payments in national pilot program

Published

on

7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

Continue Reading

Business

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Published

on

The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

Continue Reading

Business

GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

Published

on

GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk