Canadian Crypto Firm Faces Record Fine for Violating Reporting Regulations

According to PANews, Canadian cryptocurrency company Xeltox Enterprises Ltd., operating under the name Cryptomus, has been fined 177 million Canadian dollars (approximately 126 million USD) by Canada's anti-money laundering agency, FINTRAC. This penalty marks the highest fine ever imposed by the agency. The Vancouver-based firm offers services including cryptocurrency trading, payments, wallets, and peer-to-peer transactions. FINTRAC's Chief Executive Officer, Sarah Paquet, stated that the severity of the violations necessitated unprecedented enforcement action. The regulatory body highlighted that Cryptomus failed to report over 1,000 transactions suspected of money laundering or terrorist financing in July 2024. Additionally, the company did not report more than 1,500 transactions involving the receipt of virtual currency exceeding 10,000 Canadian dollars from individual clients during the same period.