Summary
- The Financial Transactions and Reports Analysis Centre of Canada said it imposed a fine of about USD 14 million on the operator of the global virtual asset exchange KuCoin.
- Peken Global was said to have violated legal obligations, including failure to register as a foreign exchange service provider and failure to report transactions above a certain amount.
- The move is interpreted as an example that Canada is strengthening regulation of the virtual asset industry.
On the 25th (local time), Reuters reported that the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a fine of about CAD 19.6 million (about USD 14 million) on Peken Global Limited, the operator of global virtual asset (cryptocurrency) exchange KuCoin.
FINTRAC said Peken Global failed to register as a foreign exchange service provider and violated legal obligations by not reporting virtual asset transactions of CAD 10,000 (about USD 7,300) or more.
The move is interpreted as an example showing that Canada is strengthening regulatory enforcement of the virtual asset industry.
JH Kim
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