BlockBeats News, October 23rd, according to The Block, Canada’s financial crime regulator has imposed a record-breaking fine of 176.96 million Canadian dollars (approximately 126.2 million US dollars) on the cryptocurrency exchange platform Cryptomus for violating anti-money laundering and sanction-related regulations. This is the largest fine in the history of the agency.
Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) stated that the operator of this platform, registered in British Columbia and officially named Xeltox Enterprises Ltd., failed to report over 1,000 suspicious transactions involving dark web markets, wallets associated with child sexual abuse material, fraud, ransomware payments, and sanctions evasion in July 2024.
Furthermore, FINTRAC also found that during the period from July to December 2024, the platform failed to report 7,557 fund transfers from Iran and 1,518 large cryptocurrency transactions exceeding 10,000 Canadian dollars. The regulatory agency noted that Cryptomus lacked robust “KYC” procedures and risk assessment mechanisms, and its compliance plan was deemed “incomplete and inadequate.”
