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Cryptomus Fined Record $126 Million by Canadian Regulatory Agency
Summary: According to Bloomberg, Cryptomus, operated under the name Xeltox Enterprises Ltd., has been fined a record $177 million Canadian dollars (approximately $126 million USD) by the Canadian anti-money laundering agency FINTRAC for thousands of violations of suspicious transaction reporting regulations within a month. The Vancouver-based company provides cryptocurrency trading, payment, wallet, and peer-to-peer trading services. ...
According to Bloomberg, Cryptomus, operated under the name Xeltox Enterprises Ltd., has been fined a record $177 million Canadian dollars (approximately $126 million USD) by the Canadian anti-money laundering agency FINTRAC for thousands of violations of suspicious transaction reporting regulations within a month. The Vancouver-based company provides cryptocurrency trading, payment, wallet, and peer-to-peer trading services.
FINTRAC CEO Sarah Paquet stated that due to the seriousness of the violations, the agency "had to take unprecedented enforcement action." The regulatory agency pointed out that Cryptomus failed to report over 1,000 transactions suspected of money laundering or financing terrorism in July 2024, and also failed to report over 1,500 transactions of receiving virtual currency of $10,000 or more from a single customer during the same period.
