TechFlow news, September 26 — According to Decrypt, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced on September 26 that it has fined cryptocurrency exchange KuCoin CAD 19.5 million (approximately USD 14 million), marking the highest penalty ever issued by the agency. The fine was imposed because KuCoin operated without registration as a foreign money services business and failed to report large virtual currency transactions and suspicious activities as required. KuCoin has filed an appeal with the Federal Court of Canada, calling the penalty "excessive and clearly punitive." Notably, in January this year, KuCoin paid nearly USD 300 million in penalties in the United States for similar violations.
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