KuCoin fined $19.5 million CAD by Canada for anti-money laundering violations, setting a new record for FINTRAC

On September 26, Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) announced it had fined cryptocurrency exchange KuCoin CAD$19.5 million (approximately USD$14 million), a record penalty imposed by the agency. The penalty stemmed from KuCoin's failure to register as a foreign services money business and its failure to comply with regulations regarding reporting large virtual currency transactions and suspicious transactions. KuCoin has appealed the fine in the Federal Court of Canada, calling it "excessive and punitive." It's worth noting that in January of this year, KuCoin paid a nearly USD$300 million fine in the United States for similar violations. (Decrypt)