Overview

• FINTRAC said it imposed a C$19,552,000 administrative penalty on Peken Global Ltd. (KuCoin) on July 28, later disclosing it publicly as the largest fine in the agency’s history.
• The agency found 2,952 unreported virtual-currency transactions of C$10,000 or more between June 1, 2021 and May 8, 2024, which it classified as a minor violation.
• FINTRAC determined KuCoin failed to file 33 suspicious transaction reports in cases tied to potential money laundering or terrorist financing, which it labeled severe non-compliance.
• Investigators said blockchain analysis identified flows involving dark‑web marketplaces and links to a Canadian company designated by the U.S. Office of Foreign Assets Control.
• KuCoin has appealed to the Federal Court of Canada, argues it is not required to register with FINTRAC, and contests both the findings and the size of the penalty while noting its recent U.S. guilty plea and near US$300 million settlement.