Canadian watchdog fines crypto firm Cryptomus C$177m
The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has fined the operator of crypto platform Cryptomus C$177 million for non-compliance with AML and counter-terrorist financing laws.
Editorial
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Xeltox Enterprises was fined after Fintrac found Cryptomus failed to submit suspicious transaction reports on more than 1000 occasions. It also did not report more than 1500 times in which it received $10,000 or more in virtual currency in the course of a single transaction.
The suspicious transaction reports that were not submitted included some where there were “reasonable grounds” to…
