TLDR:
- Kucin appeals to the fine of $ 19.5 million from Fintrac and mentions it excessively and challenges his classification as a foreign MSB.
- Fintrac thought that Kucin did not register, reported major crypto transactions and submitted suspicious activity reports.
- The appeal was submitted for the Federal Court of Canada, where Kucin was looking for a fair hearing about both procedural and legal grounds.
- Fintrac reported a record 23 violation messages in 2024-25, a total of more than $ 25 million in several sectors.
Kucain pushes Hard back against the financial watchdog of Canada. The Crypto Exchange has submitted a legal profession that disputed a fine of $ 19.5 million imposed by the Financial Transactions and Reports Analysis Center of Canada (Fintrac).
The dispute focuses on whether Kucin should be classified as a company for foreign money services and whether the fine was justified. The movement comes as regulators worldwide sharpening their supervision of crypto Platforms.
Kucin disputes compliance findings
In a statement shared on X, the representative of Kucin BC Wong confirmed that the stock market appealed to the Federal Court of Canada.
The company disputes Fintrac’s notification of violation of March 2025, which Kucain has classified as a company for foreign money. Kucin claims that the decision was defective both procedural and substantive.
Kucin has always strived to work constructively with supervisors worldwide. We do not agree with this decision on both substantive and procedural grounds, and we have pursued legal roads by submitting an appeal for the Federal Court of Canada to ensure a fair result for Kucin …
– BC Wong (@bc_kucoin) September 25, 2025
The stock market argued that the fine of $ 19.5 million is excessive and does not reflect his efforts to remain compliant. Wong added that Kucoin stays Work together with supervisors Worldwide and continues to work for transparent operations. The company said that the appeal is trying to ensure the right process and an honest result.
According to the official fintrac editionKucin’s parent company Peken Global Limited could not register as required under the anti-money laundering law of Canada.
The center also mentioned non -reported large virtual currency transactions and missing suspicious transaction reports. Fintrac stated that these reports are crucial for providing useful information to law enforcement.
Sarah Paquet, director and CEO of Fintrac, repeated that the penalty was intended to stimulate compliance. She emphasized that companies are keeping up with the financial system of Canada.
Regulatory action is increasing
This case arrives during a period of increased enforcement by Fintrac. The agency said that it published 23 violence knowledge in 2024–25, the highest count on record. Combined, these fines exceeded $ 25 million in different industries, including financial entities and casinos.
The watchdog emphasized that reporting requirements help to detect money laundering and the risks of terrorist financing. It also reminded companies that fines were designed to correct non-compliant behavior, not to punish.
Kucin’s challenge can take months to solve as the case continues through the legal system of Canada. Market participants keep a close eye on the outcome, which can influence how other crypto exchanges approach Compliance in Canada. For now, Kucin continues to work while the professional process is progressing.
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