00:00Big news in the crypto world.
00:02Canada's watchdog Fintrac just slapped a massive $19.6 million fine on KuCoin, one
00:10of the world's biggest crypto exchanges.
00:12It's the largest penalty Fintrac has ever given.
00:15Why?
00:16KuCoin failed to register, didn't report large transactions and skipped reporting suspicious
00:23activity, leaving the door open for money laundering.
00:26KuCoin calls the fine excessive and has filed an appeal.
00:30But this is a clear message from regulators.
00:33The crypto space is growing up.
00:36The days of oops, my bad are over.
00:40If you trade, invest or run a crypto business, take compliance seriously.
00:47The cost of ignoring anti-money laundering rules just went way up.
00:51Is the fine fair or too much?
00:53Let me know in the comments and follow for more crypto news.
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