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

ChainCatcher news, according to a report by Reuters, Canada’s anti-money laundering agency announced on Thursday that it has fined the operator of the cryptocurrency exchange KuCoin, Peken Global Limited, CAD 19.6 million (USD 14.09 million).

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that Peken Global, headquartered in Seychelles, was not registered as a foreign money services business, did not report virtual currency transactions of CAD 10,000 or more, and failed to submit suspicious transaction reports, which is a requirement for all financial institutions. This is the largest fine ever issued by FINTRAC.