BlockBeats News, September 26, Peken Global Limited, the operator of the cryptocurrency exchange KuCoin, is facing a $14 million (approximately 19.5 million Canadian dollars) anti-money laundering fine imposed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the agency announced on Thursday. The Seychelles-based company was fined back in July for failing to comply with the relevant provisions of Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This is the largest fine FINTRAC has ever imposed.
“Canada’s anti-money laundering and anti-terrorist financing regime is designed to protect the safety of Canadians and the stability of the Canadian economy,” said Sarah Paquet, Director and CEO of FINTRAC, in a statement. “FINTRAC works with businesses to help them understand and comply with legal obligations,” she added, “and at the same time, we will ensure that businesses fulfill their responsibilities and take appropriate action when necessary.”
According to the announcement, KuCoin failed to register as a foreign money services business, did not report virtual currency transactions over $10,000 Canadian dollars, and did not submit suspicious transaction reports when reasonable grounds existed. KuCoin’s executive BC Wong published a post on Platform X on September 25, 2025, stating, “KuCoin has always strived to maintain constructive cooperation with global regulatory bodies. We have objections to this decision both at the entity and procedural levels and have filed an appeal with the Federal Court of Canada to seek a fair outcome.”
