Canada fines binance $4.38mln for money laundering violations?

[Mpamaegbu]

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?

[tabas]

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, 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.

[Ojinga]

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.

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.

[Potato Chips]

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.

[Ojinga]

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.

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.

[Darker45]

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.

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?

[shield132]

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.

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.

[Z-tight]

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

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.