FINTRAC Imposes Record $126M Fine on Cryptomus for Regulatory Breaches
Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) has levied a historic C$176.96 million ($126 million) penalty against Vancouver-based Cryptomus, marking the largest enforcement action against a cryptocurrency firm in the country. The fine addresses systemic failures in reporting over 1,000 suspicious transactions linked to darknet markets and terrorist financing within a single month.
Regulators identified additional compliance breaches involving 7,500 transactions connected to Iran. FINTRAC's statement underscores the growing scrutiny of crypto entities that fail to meet anti-money laundering standards. The penalty against Cryptomus, operated by Xeltox Enterprises Ltd., signals intensified regulatory pressure on digital asset businesses operating in Canada.
