In brief
- Canada’s FINTRAC imposed a record C$176.9 million penalty on Cryptomus.
- Investigators found 2,593 AML breaches, including 7,557 unreported Iran-linked transfers.
- The firm operated without Canadian staff, with communications traced to Uzbekistan and Spain.
Canada’s financial intelligence agency has imposed a record $126 million (Canadian $176.9 million) fine on cryptocurrency platform Cryptomus for several anti-money laundering breaches, citing failures to report thousands of suspicious transactions linked to child exploitation, ransomware, and sanctions evasion.
The Vancouver-based firm, registered federally as Xeltox Enterprises Ltd. and operating as Cryptomus, failed to file more than a thousand suspicious transaction…
