October 22, 2025
RED FM News Desk
Canada’s financial intelligence agency, FINTRAC, has imposed its largest penalty ever on a cryptocurrency exchange for failing to report suspicious transactions.
FINTRAC has issued a fine of nearly $177 million against Xeltox Enterprises, a business incorporated in BC that operates as Cryptomus.
The penalty was handed down after the agency found that Cryptomus failed to flag over one thousand transactions with suspected links to criminal activity.
This penalty is more than eight times larger than the previous record fine, which was approximately $20 million.
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