Cryptomus, a cryptocurrency company, has been fined $126 million by Canadian regulators

ChainCatcher news, according to Bloomberg, the cryptocurrency company Xeltox Enterprises Ltd. (operating under the name Cryptomus) has been fined a record CAD 177 million (approximately USD 126 million) by Canada's anti-money laundering agency FINTRAC for thousands of violations of suspicious transaction reporting regulations within a month. This Vancouver-based company provides cryptocurrency trading, payment, wallet, and peer-to-peer transaction services.

FINTRAC CEO Sarah Paquet stated that, given the severity of the violations, the agency "had to take unprecedented enforcement action."

Regulators pointed out that Cryptomus failed to report over 1,000 transactions suspected of money laundering or terrorist financing in July 2024, and during the same period, did not report over 1,500 transactions involving individual customer receipts of more than CAD 10,000 in virtual currency.