FINTRAC don fined KuCoin C$19.6M for AML palava; dem dey appeal

FINTRAC don fine Peken Global wey dey based for Seychelles, wey dey run KuCoin, C$19.6 million under Canada Proceeds of Crime (Money Laundering) and Terrorist Financing Act. FINTRAC find out say KuCoin no register as foreign money services business and no come file reports for virtual currency transactions pass C$10,000. Di exchange sef no put suspicious transaction reports. Director Sarah Paquet talk say Canada get strict AML compliance. KuCoin don appeal the fine for Federal Court, dem no gree how dem classify am and di fine too big. CEO BC Wong talk say di exchange go continue dey comply with regulations and be transparent, e assure users say service go still dey. KuCoin start in 2017 and dey serve over 40 million users for 200 countries. Traders suppose dey watch this regulatory risk well well as e fit affect KuCoin trading volumes, liquidity, and market credibility.