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

according to 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 Seychelles-based Peken Global was not registered as a foreign money services business, failed to report virtual currency transactions of CAD 10,000 or more, and did not submit suspicious transaction reports, which are requirements that all financial institutions must fulfill. This is the largest fine ever issued by FINTRAC.