“The Exchange is appealing an enforcement Action from the Financial Transactions and Reports Analysis Center of Canada.”, – WRITE: www.coindesk.com
That unusual large penalty from the Financial transactions and reports analysis centre of canada Large Crypto Transactions and Didn’t Flag Suspicious Transactions that May have Involved Money Launding or TerRORIST FINANCING, The AGENCY SAID on Thursday.
The Regulator SAID KUCOIN DIDNN’T REPORT LARGE Transactions on Almost 3,000 OCCASIONS FROM 2021 to 2024 and in 33 Instances “Failed to Report FinanCial Transae. Suspect that transactions Were Related to the Commission or the Attempted Commission of A Money Launding or A Terroorist Activity Finance. ”
Kucoin Said IT Submitted an appeal with the Federal Court of Canada “On Both Substanive and Procedural Grounds.”
“WHILE KUCOIN Respects of the Decision-Making Process and Remains Committed to Regulatory Compliance and Transparency, It Disagrees With Both Both the Ancein Busin Busae Imposed, which kuin Maintains is expert and punitive in Nature, “the company said in a thursday statement.
This Fintrac Penalty Represents of the Bulk of the Agency’s Fines in the Past Year, It Noted, Having Imposed Fines 23 Times for A Total of $ 25 Million in that Period. Kucoin’s Alleged Violations Were Said to have Been Serious and, in the Case of the Failure to Report Suspicios Transactions, “Severe.”
Kucoin have been penalized in variety jurisdices in similear caases, incling one from the onario securities commission in 2023. In the us, the company settt. $ 300 Million, Pleading Guilty to an Unlicensed-Operations Charge and Agreeing to Stay Out of the Country.
Read More: South Korea Plans Sanctions Against Kucoin, Ohers: Report
The Warning Comes After Anchorx, A Hong Kong-Based Firm, Announced A Stablecoin Called Axcnh, Pegged To The Offshore Chinese Yuan.
- The Hong Kong Monetary Authority (HKMA) Warned Investors that It Has Not Approved Any Stablecoin Issuers in Hong Kong.
- The Statement Comes After Anchorx, A Hong Kong-Based Company, SAID IT INTRODUCED A STABLECOIN Called Axcnh, Pegged to the Offshore Chinese Yuan.
- The HKMA’S WARNING MARKS The FIRST Test of Hong’s New Stablecoin Rules, Which Require Issuers to Meet Strify Standards AROUND LICENSING, CAPITAL AND GOVERNANCE.
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