KuCoin Crypto Exchange Receives Record Anti-Money Laundering Fine in Canada

Cryptocurrency exchange KuCoin has encountered a substantial financial penalty in Canada for violating regulations related to anti-money laundering and the financing of terrorism. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a fine of CAD 1.6 million (approximately USD 1.18 million) on KuCoin. This penalty is due to KuCoin’s failure to register as a foreign money services business and its failure to report significant transactions. This represents the most substantial action of its kind taken by FINTRAC against a cryptocurrency company to date. The penalty demonstrates Canada’s increasingly strict stance on regulating digital assets and ensuring adherence to financial regulations. This case is likely to bring increased scrutiny to other cryptocurrency exchanges operating within Canada.