The Agency of Canada Financial Intelligence inflicted on an inflict on the operator of Kucoin C 19.6 million dollars ($ 14.09 million from US dollars), the largest anti-whiteness penalty in the history of the country’s history.
The main dishes to remember:
- Fine Canada sentenced a record of $ 19.6 million for Kucoin for omitting to respect anti-flowage rules.
- The exchange is accused of having neglected of reporting nearly 3,000 large cryptographic transactions and 33 cases of suspicious activities.
- Kucoin appealed the decision, describing the “excessive” sentence.
The Canada Financial Transactions and Reports Analysis Center (FINTRAC) said that Peken Global Limited, based in Seychelles, which exploits the exchange of crypto, had failed to register as a foreign fund services and neglected to declare nearly 3,000 large transactions in virtual currencies between 2021 and 2024.
The agency also cited 33 cases where the company has not reported suspicious transactions potentially linked to money laundering or terrorist funding.
Canada strikes Kucoin with a record fine before audit of global financial crime
Fintrac’s application arrives in front of a crucial audit by the financial action working group in November, while Canada faces an international examination of its financial crime guarantees.
Kucoin firmly denied the agency’s conclusions, calling for “excessive and punitive” fine. In a statement, the company said it had appealed to the Canada Federal Court and challenged the FINTRAC classification by IT as a service company abroad under Canadian law.
The fine taken against Kucoin represents the majority of Fintrac’s application measures in the past year.
The agency said it issued 23 penalties totaling $ 25 million during this period, Kucoin violations described as particularly “serious” and in certain cases “serious”.
This is not the first regulatory race for the exchange of crypto. In 2023, the Ontario securities committee published its own sanctions against Kucoin for operation without registration.
Earlier this year, the Company has also settled with the United States Ministry of Justice for nearly $ 300 million, pleading guilty to having managed a license-free monetary service company and agreed to stop operations in the United States.
The fine comes when the Canadian authorities have confirmed the country’s largest cryptocurrency crisis to date, taking control of more than $ 56 million Canadian dollars (around 40 million dollars) of little-known exchange shops.
The operation, carried out by mounted Canadian Royal Police (RCMP), completely dismantled the platform, marking the first time that the Canadian police have closed an exchange of cryptocurrency.
Thailand operates Kucoin for a tokenized obligation of $ 153 million
Last month, the Ministry of Finance in Thailand chose Kucoin as the first official Crypto exchange partner for the G-TOKEN initiative, a digital bond program supported by the Blockchain government.
Kucoin Thailand will join a consortium that includes Xspring Digital, Six Network and Krungthai XSPRING to manage subscriptions, buyouts and lists for tokens, which are entirely supported by Thai Baht and offer above typical banking prices.
The initial deployment includes 5 billion baht (approximately $ 153 million) in tokénized bonds, with a minimum investment of only $ 3, which makes government titles the first time to retail investors.
Kucoin will also advise the expanding of the G-TOKEN program internationally, awaiting regulatory approvals, which could see the obligations listed on global platforms.
Launched under the law on the management of public debts in Thailand, the initiative marks a transition from traditional bond markets which historically favored institutions and rich.
Supported 1: 1 per fiat and approved in May, the G-Token program is part of a broader national effort to modernize public finances and democratize access to investments using blockchain.
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