Cryptomus fined $126 million by Canadian regulators

According to Odaily Planet Daily, cryptocurrency company Xeltox Enterprises Ltd. was fined 177 million Canadian dollars (approximately 126 million US dollars) by Canada's anti-money laundering agency, FINTRAC, for allegedly violating suspicious transaction regulations thousands of times within a single month. FINTRAC CEO Sarah Paquet reportedly stated that the severity of the violations compelled the agency to "take unprecedented enforcement action." The regulator noted that Cryptomus failed to report over 1,000 transactions suspected of money laundering or terrorist financing in July 2024, and over 1,500 transactions in which customers received over 10,000 Canadian dollars in virtual currency during the same period. (Bloomberg)