According to the source, Canada’s anti-money laundering regulator issued a record administrative monetary penalty against KuCoin for AML non-compliance, signaling stricter enforcement pressure in the jurisdiction (source: Canadian regulator notice as referenced by the source). The move follows earlier Canadian actions against major exchanges, including FINTRAC’s C$6.0M administrative monetary penalty against Binance in May 2024 and the Ontario Securities Commission’s June 2022 order imposing a C$2.0M penalty and market-participation ban on KuCoin (sources: FINTRAC 2024 Binance penalty announcement; Ontario Securities Commission 2022 KuCoin order). For trading, monitor potential shifts in KuCoin liquidity, spreads, and Canadian user access, with possible spillovers to BTC and ETH pairs during North American hours as compliance risk is repriced across venues (source: market behavior observed around prior Canadian enforcement episodes noted above).