The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $4.4 million administrative monetary penalty on Binance for failing to register and report large transactions in digital assets. In a notice on May 9, FINTRAC stated that it fined Binance Holdings Limited for not complying with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. Binance failed to register as a foreign money services business and report digital currency transactions exceeding $10,000. The regulator reported imposing a fine of 6,002,000 CAD on Binance. The violations leading to the penalty occurred in 2023 when Binance was shutting down its operations in Canada. Binance did not respond to Cointelegraph's request for comment. Binance announced its departure from the Canadian market in May 2023 due to regulatory concerns. FINTRAC identified 5,902 separate crypto transactions of $10,000 or more on the exchange between June 2021 and July 2023. "Binance Holdings Limited had multiple opportunities to register with FINTRAC as an FMSB, but failed to complete the registration within the given deadlines," stated FINTRAC. The $4.4 million fine was distinct from other legal challenges Binance faced or is encountering in various jurisdictions. In November 2023, Binance settled with U.S. authorities and agreed to pay $4.3 billion in penalties. Changpeng Zhao resigned as CEO and admitted to a felony charge, resulting in a four-month prison sentence. In Nigeria, two Binance executives were arrested in February on charges of tax evasion and money laundering. One of the individuals reportedly fled to Kenya, with Interpol prepared to extradite him back to Nigeria for ongoing court proceedings scheduled to restart on May 17.