Canada Fines KuCoin $14M for Anti-Money Laundering Failures

Canada’s financial intelligence agency has fined the operator of KuCoin C$19.6 million (US$14.09 million) the largest anti-money laundering penalty in the country’s ￰1￱ Takeaways: Canada’s FINTRAC fined KuCoin a record C$19.6 million for failing to comply with anti-money laundering ￰2￱ exchange is accused of neglecting to report nearly 3,000 large crypto transactions and 33 suspicious activity ￰3￱ has appealed the ruling calling the penalty “excessive.” The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said Seychelles-based Peken Global Limited which operates the crypto exchange

failed to register as a foreign money services business and neglected to report nearly 3,000 large virtual currency transactions between 2021 and ￰4￱ agency also cited 33 instances where the company failed to flag suspicious transactions potentially tied to money laundering or terrorist ￰5￱ Hits KuCoin with Record Fine Ahead of Key Global Financial Crime Audit FINTRAC’s enforcement arrives ahead of a crucial audit by the Financial Action Task Force in November as Canada faces international scrutiny over its financial crime ￰6￱ strongly denied the agency’s findings calling the fine “excessive and punitive.” In a statement the company said it has submitted an appeal to the Federal Court of Canada and disputed FINTRAC’s classification of it as a Foreign Money Services Business under Canadian ￰7￱ fine levied against KuCoin accounts for the majority of FINTRAC’s enforcement actions over the past ￰8￱ agency said it issued 23 penalties totaling $25 million during that period

with KuCoin’s violations described as particularly “serious” and in some cases “severe.” This is not the first regulatory run-in for the crypto ￰9￱ 2023 the Ontario Securities Commission issued its own penalties against KuCoin for operating without ￰10￱ has imposed an administrative monetary penalty of $19,552,000 on Peken Global Limited (also operating as KuCoin) a Seychelles-incorporated entity operating in ￰11￱ more information consult: ￰0￱ ￰12￱ — FINTRAC_Canada (@FINTRAC_Canada) September 25

2025 Earlier this year the company also settled with the ￰13￱ of Justice for nearly $300 million pleading guilty to running an unlicensed money services business and agreeing to cease operations in the United ￰14￱ fine comes as Canadian authorities have confirmed the country’s largest cryptocurrency seizure to date taking control of more than 56 million Canadian dollars (about $40 million) in assets from the little-known exchange ￰15￱ operation

carried out by the Royal Canadian Mounted Police (RCMP) dismantled the platform entirely marking the first time Canadian law enforcement has shut down a cryptocurrency ￰16￱ Taps KuCoin for $153M Tokenized Bond Launch Last month Thailand’s Ministry of Finance chose KuCoin as its first official crypto exchange partner for the G-Token initiative

a blockchain-based government-backed digital bond ￰17￱ Thailand will join a consortium that includes XSpring Digital SIX Network and Krungthai XSpring to manage subscriptions

redemptions and listings for the tokens which are fully backed by the Thai baht and offer yields above typical bank ￰18￱ initial rollout involves 5 billion baht (approx. $153 million) in tokenized bonds with a minimum investment of just $3

making government securities accessible to retail investors for the first ￰19￱ will also advise on expanding the G-Token program internationally pending regulatory approvals which could see the bonds listed on global ￰20￱ under Thailand’s Public Debt Management Act the initiative marks a shift from traditional bond markets that historically favored institutions and the ￰21￱ 1:1 by fiat and approved in May

the G-Token program is part of a broader national effort to modernize public finance and democratize investment access using blockchain.