US EditionCryptocurrency exchange Cryptomus fined record $177M by Fintrac
- FinTRAC announced on Oct. 22, 2025 a $176,960,190 penalty on B.C.-based Xeltox Enterprises Ltd., operator of Cryptomus, marking the largest fine in its history and eclipsing the prior $20 million record.
- FinTRAC's compliance exam found Cryptomus failed to file suspicious-transaction reports on 1,068 occasions in July 2024 and missed reporting 7,557 Iran-originating transactions between July 1 and Dec. 31, 2024.
- FinTRAC found Cryptomus failed to report 1,518 large virtual-currency transfers of $10,000 or more in July 2024 and committed six types of compliance violations.
- In May, the B.C. Securities Commission temporarily banned Cryptomus from trading securities, and Federal Finance Minister François-Philippe Champagne on Monday announced funding for an RCMP Financial Crimes Agency team.
- FinTRAC warned the rapid expansion of Canada’s virtual currency industry raises money-laundering risks, with more than 150 penalties and 23 violation notices issued in 2024-25.
29 Articles
29 Articles
It owes close to 177 million dollars, in particular for failing to report transactions that may be related to crimes.
Crypto Exchange Fined Record $177M by FINTRAC
Canada’s financial intelligence agency has given out its largest-ever fine to a cryptocurrency exchange, saying numerous violations involving transactions connected to child sexual abuse material and sanctions evasions led to the “unprecedented” $177 million fine. Xeltox Enterprises Ltd., which operates the cryptocurrency platform Cryptomus, was handed a $176,960,190 fine on Oct. 16 for non-compliance with the Proceeds of Crime and Terrorist Fin…
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Malware Analysis, News and IndicatorsCanada Fines Cybercrime Friendly Cryptomus $176M
Financial regulators in Canada this week levied $176 million in fines against Cryptomus, a digital payments platform that supports dozens of Russian cryptocurrency exchanges and websites hawking cybercrime services. The penalties for violating Canada’s anti money-laundering laws come ten months after KrebsOnSecurity noted that Cryptomus’s Vancouver street address was home to dozens of foreign currency dealers, money transfer businesses, and cryp…
Canada fines crypto dealer record C$176.9 million for money laundering
TORONTO :Canada's anti-money laundering regulator said on Wednesday it had imposed a C$176.9 million ($126.14 million) fine on money services business Xeltox Enterprises Limited, the largest-ever penalty doled out by the agency.The regulator, the Financial Transactions and Reports Analysis Centre of Canada (F
Crypto exchange Cryptomus fined record $177M by Canada's financial crime watchdog
A cryptocurrency exchange has been slapped with a fine of almost $177 million — the largest-ever penalty by Canada's financial intelligence agency — for infractions including failing to flag more than 1,000 transactions with suspected links to criminal activity.
Cryptocurrency exchange Cryptomus fined record $177M by Fintrac
A cryptocurrency exchange has been slapped with a fine of almost $177 million — the largest-ever penalty by Canada’s financial intelligence agency — for infractions including failing to flag more than 1,000 transactions with suspected links to criminal activity
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