Peken Global crypto exchange fined Can$19.6m for registration and reporting failures

A virtual currency exchange, incorporated in the Seychelles, has been ordered to pay Can$19,552,000 (US$14,023,310) after FINTRAC, the Canadian financial intelligence unit (FIU), found it had not registered as a foreign money services business despite serving Canadian customers, and breached reporting obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

A virtual currency exchange, incorporated in the Seychelles, has been ordered [1] to pay Can$19,552,000 (US$14,023,310) after FINTRAC, the Canadian financial intelligence unit (FIU), found it had not registered as a foreign money services business despite serving Canadian customers, and breached reporting obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.