Bitcoin Forum

https://m.economictimes.com/markets/cryptocurrency/canada-fines-binance-4-38-mln-for-money-laundering-violations/articleshow/109986497.cms

What do you think about this?

Hey anyone can put a link to a news article and ask us to talk about it. You know it would be good to give a synopsis of what the article, and then share your thoughts.
That's how it should be done.
It is not everyone that will click on the link. We are all too care about phishing links. Have this in mind for next time.

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To the topic of discussion, my thoughts is this.
If you did the crime, you should do the time.
If Binance indeed violated the money laundering laws of Canada, the they should as well be will do face the consequences. The the consequences is 3.48 million Canadian dollars.

Binance jumping from one accusation to another
I guess they are now under the government radar and CZ can no longer sweep these under the carpet
No is almost 6 million Canadian dollars.

With past records I would be surprised if they ain't guilty
Well $4.38M is not much for them to pay so it's not really going to affect them much.
But I doubt with this if another wouldn't sprang up.

I think he just wants to be a FUDster to make people sell their holdings from Binance.

This issue is always there since CZ pleaded guilty to money laundering and I'm sure not only Canada will ask for fines but also other countries that have strong AML.

News just doing its job to keep Bitcoin in a downtrend so that these whales can buy at a cheap price and later pay the news creator again to make good news to change from a downtrend to an uptrend that's what I always thought from the beginning why Bitcoin price action is a bit different compared on the past block halving.

When you have the government sell you a deal through your lawyer, it might have seemed like his best option but, the deals are sure to continue with every strong world power government where Binance is functioning and that is everywhere. Just another way to launch an attack on cryptocurrency by attacking any large corporation within its system. Binance is the biggest or one of the biggest  centralized exchange in existence and an attack on them could go to some length to promote FUD but the good news is, pro-Bitcoiners and cryptocurrency enthusiasts knows better not to be shaken by this.
I think if the government is calling for regulations, there are a more better way to do it than a lawsuit. Going after these big guys is just laughable and that’s just so small a fine just to make headlines.

It seems more and more countries with stickier AML policies are going to fine them at this rate. Up next might be the Netherlands, UK, Germany, China etc. I think I saw somewhere some time back that Nigeria wanted them to pay $10B in fines. How long is Binance going to keep paying these fines without thinking about exiting the market. You and I don't know, but what I am so sure is that this is going to affect their business in so countries so much

I don't wish this to be the beginning of an end for Binance following the current situation they are faced with in many countries.
 Even with the fines they have to pay for violations, there's the issue of trust that would be lost and this would make its customers sort other better exchanges that don't have such case against it, just to ensure that their assets and investment are safe.

This is still an eye opener for other exchanges that think they're immune to probing and licensing and regulations from the government when it concerns the economy and security of their country. 

Compared to $ 4.32 Billion, which binance paid to the United States, this amount is very small.


The article is short and talked about the reason, but their continued pushing these fines and stopping them from work indicates that they are earning well.

Yeah it’s a very low amount. I read the topic and assumed it was a typo and they meant $4B. However for Binance $4M is an extremely low amount. They paid $4B and are still in business.

Canadas volumes compared to the states is much much lower. I would of assumed the fine was more along the lines of $40-80M or so if you compare users and volume between the 2 countries. But I think we will see more of these lawsuits since all regulators are cracking down on crypto exchanges these days.

I don't also want Binance to go down because it might affect the market and many people might also lose money. But if more countries keep coming up with accusations and proof that the exchange violated money laundering laws and fines keep compounding the company might go bankrupt. These accusations are denting the reputation of one if the biggest exchanges. And I hope they will come up with a good damage control strategy.

Some of these AML policies are intentionally enacted to attack these exchanges. These It might be difficult for some of the exchanges to make huge profits if they fully abide by these laws. However, they should leave the country rather than violate these laws.

This is also something I agree with I mean if the law finds any substantial evidence against you then there is nothing else to do other than serve the appropriate punishment however we can not deny that these governments are just looking for ways to monetize binance. Many countries are looking for loopholes that binance may have missed so that they can profit off of binance at least.

Binance is really becoming one of the biggest companies out there and the government wants a little piece.

I agree with you. At this rate, Binance could be in more trouble than they bargained for. I just wonder if with all these issues going on with them, people will feel safe to use the exchange anymore because it wouldn't matter if you are one of the cryptocurrency exchange giant, the more fines are levied on you by countries, the less you'd be able to (1) comfortably remain in that place and continue your business.(2) Easily build back trust in the minds of users. If they can get fined for violating AML rules, who knows, something else can crop up to further dent their image.

Another money laundering violation and this sets for most of the operations of exchanges and gives the idea to the government that they've bene dealing with such violations.

$4M is not that a lot for them but this could give them the opening again if ever they pay the fine. Because if Binance doesn't have any intention of operating there, they can easily go away and ignore that fine.

But this can also be the incentive if they ever pay the fine which means that the Canadian government is willing to give them another pass to operate in their country since they've left already the market there.

Binance is not really over this problem; it's not good anymore, but if that's true, I think Binance is ready to pay the Canadian government that fine. With the size of Binance's income, it's actually just like a coin.

But on the other hand, this is not good news. Binance seems to be getting hot in the eyes of the governments of every country right now, maybe because it is a giant exchange in the market, so maybe that's the usual thing that happens at the moment.

thank you we are all here to learn, and sorry about the link I've it in mind now. I'll be giving the synopsis of my topic from now on. Your thoughts are not bad, but if they face the consequences it'll surely affect binance and the people profiting from binance at Canada. So they should find away so when facing it, shouldn't brings down the trust people have for them. I know the amount is little for them to handle 3:48 million Canadian dollars, so they can face it.

or maybe these kind of people are whales arms to make those Fuds looks real because of yeah their plan to buy more while the price is really cheaper .
if we will just listen to this kind of news then for sure we will be facing difficulties to trust Binance when the truth is binance is trying to clear their name for some time now ,

But have you noticed that only close US allies like Canada and maybe soon EU countries will make those accusations against Binance, while the rest of the world has not yet taken any action? To me, it's just because Binance has grown so fast and dominated the market, and some big guys on Wall Street don't want that to continue. They are looking to take over this potential market from Binance and I would not be surprised that in the coming years the US exchange Coinbase will dominate and replace Binance.

By the way, the Nigerian government's kidnapping of Binance executives and demand for compensation has nothing to do with the money laundering issue or CZ's recent imprisonment. The Nigerian government seems to want to blackmail Binance with ridiculous accusations they made up.

The bottom line is not problem to pay requested fine fees from the USA. government or the Canadian government, but it's bigger than that.

You can imagine, if the USA. government, Canadian government can sued Binance, requested Binance to pay like millions of dollars as fine fees, other governments will be able to do the same. It's very possible to do for all governments globally to sue against Binance because through many years, the exchange operated for all countries globally and if there is issue with money laundering, AML in the USA., Canada, there will be same problems in other countries.

What will be the ending for Binance?

Well, Binance is a rich company, so I suppose paying some fines isn't a big problem for them. I think Binance has bigger problems in the US with the SEC. In the US, they need to pay more than $4 billion in fines. Also, CZ was sentenced by 4 months in prison based on a plea bargain, but that, again, is a fortunate outcome, as it's a very mild prison sentence.
What isn't good with these cases is that Binance is perhaps the most reputable exchange, but even it is facing serious charges. That means that no exchange is safe, in that sense.

This is not the first time that other countries will also laying fines on the exchange binance for their violation on anti money laundering policies, i can remember the recent one with the US government, though we cannot say that the exchange are good players when it comes to protecting the users right, but they are doing what they are into all because they only care about their own business and never mind at what cause its implication could be on any user of the exchange itself.

This news is coming late. The way things are I don't think there's much any FUDding news can do to crash the market. I'm not saying Binance shouldn't be accountable to the environment it does its business but why should this be coming after Binance left that country? Anyway, since the US fined Binance and got something from it, it's not rocket science that many others will want to try their luck. Nobody who doesn't like free money. By the way, why is the searchlight on Binance while other exchanges are seemingly off the radar?

Not gonna be a problem to them to pay this over and they're also thinking of going back to this area for them to have those customers that they've established there. In some articles like from Reuters (https://www.reuters.com/technology/canada-fines-binance-438-mln-money-laundering-violations-2024-05-09/), the failure of Binance to register as the "foreign money services business" did the impact on this fine. Although, there's always the connection that they create from telling that because they're not registered, they probably have been used by criminals, terrorists into money laundering acts. Maybe after CZs jail time, he'd help to fix all of these even if money isn't a problem to them.

paying the money isn't the problem with them but what about the trust, will the people at Canada still have the trust they had after binance facing their consequences that's what should come to their minds. Cause their people profiting from them everyday but hearing this, okay just as you said they have also come across the line with this same issue or situation before. Then another one with Canadian it's not a good news but if only they settled this, they'll still repeat it again and the customers won't have 100% trust anymore. So I don't think the money is an issue to binance but if only it won't occurs more again.

100% trust would be pretty bad though. If this is what it takes for people to stop it, then it's a good news lol. Binance is a custodial platform hence there should be plenty of room for doubts at all times.

But to be honest, if we're just talkin about people being confident enough to use them -- the bare minimum -- I'm not sure it will leave a huge dent. It does appear binance has so much hold on folks as they appear to he holding pretty well along with BNB or people's risk appetite is bonkers in general lol. As others have mentioned, this isn't binance's first run. Perhaps people have been desentisized as well since this witch hunt has been goin on for long -- tbh, it just feels like another day to me.

It would be interesting to know if the people who left binance due to their country restriction would have done the same had there been little to no restriction imposed.

we know it's not the first time but with all this accusations with binance, can't they put an end to it cause it's not friendly anymore. I know the money it's a little money for binance to pay but they should keep the trust people have for them at that 100%, because with all this News all over the global it's not good. Okay the people of Canada know that binance are guilty but the force placed on them isn't nice this can run down the interest of people over there and their customers won't give them a 100% trust anymore. What I'm saying is that if binance can stay on the low and let them not come across this kind situation again, cause it's also troubling me as well. Because I'm profiting from them.

Why should they put an end to it? It's their job as a government. Should they stop simply because they're hurting a private business based somewhere else? Which is more important for the Canadian government, their laws or the welfare of a foreign business which they even kicked out for not complying with their regulations?

If it's not good for Binance, then they should do better next time. If what they're doing is bad for their reputation, then they should make improvements. Who should adjust, a government or a private business? Binance is looking after nobody else but themselves.

Why are you troubled? Are there no other alternatives? Is Binance the only one of its kind?

Binance's business strategy is to earn money at first and worry later but somehow it works very well, whatever trouble Binance faces, is always solved or at least Binance magically escapes. This exchange has done so many shady things but it still remains the number one exchange according to every statistics. I know my answer might be curious but believe it or not, trust is the least thing to worry for Binance in this case. We know what happens with centralized exchanges, FTX is a good example but did the trust toward centralized exchanges went bad? Did people move on decentralized exchanges? No, instead the number of members of centralized exchanges grew. I don't know why but people don't learn anything until they get the victim and in some cases, they don't learn from their own mistakes and repeat endlessly.

Even without this latest news about binance, people should not have their 'holdings' in binance, and for the people who have their coins in binance, i would tell them not to take any news about binance as fud. As long as your funds isn't in your self custody, you can lose it immediately anything bad happens to the custodial service that holds the keys to your coins. If op's post can make people move their funds out of binance and into their self custody, then it has served a great purpose.