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

Techub News: According to Reuters, Canada's anti-money laundering agency announced it has fined Peken Global Limited, the operator of the cryptocurrency exchange KuCoin, 19.6 million CAD (approximately 14.09 million USD). The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that Seychelles-based Peken Global failed to register as a foreign money services business, did not report large virtual currency transactions of 10,000 CAD or more, and failed to submit suspicious transaction reports, which are mandatory requirements for all financial institutions. This is the largest fine ever issued by FINTRAC.