Canada's anti-money laundering agency fines KuCoin's parent company approximately $14.09 million

Canada's anti-money laundering agency said Thursday it has fined Peken Global Limited, the operator of the crypto exchange KuCoin, 19.6 million Canadian dollars (14.09 million U.S. dollars), according to Reuters. Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) said Peken Global, based in the Seychelles, failed to register as a foreign money services business, report large virtual currency transactions of 10,000 Canadian dollars or more, or file suspicious transaction reports, which are required of all financial institutions. This is the largest penalty ever imposed by FINTRAC.