Canada Slams Cryptomus with Record C$177M Fine Over Massive AML Lapses
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- FINTRAC issued a record C$177M fine to Cryptomus for major AML and sanctions violations.
- The exchange failed to report over 9,000 suspicious and large crypto transactions in 2024.
- Canada tightens crypto oversight as regulators push for stricter compliance standards.
Canada’s financial intelligence unit, FINTRAC, has imposed its largest penalty ever, levying a C$176.96 million (approx. $126.2 million USD) fine against crypto exchange Cryptomus for egregious violations of anti-money laundering (AML) and terrorist financing laws. The operator, registered as Xeltox Enterprises Ltd. and based in British Columbia, faces the historic fine after investigations revealed systemic failures in compliance and reporting.
According to FINTRAC, the exchange failed to report more than 1,000 suspicious transactions in July 2024. These involved funds linked to darknet markets, ransom…
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