Canada’s Anti-Money Laundering Watchdog Levies Record $126M Fine on Cryptomus
What to know:
- Vancouver-based Cryptomus is said to have ignored over 1,000 suspicious transactions linked to a range of serious crimes.
- The fine is the largest issued by Canada’s anti-money laundering agency.
The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) said it fined Xeltox Enterprises Ltd. (which operates as cryptocurrency platform Cryptomus), a record C$176.96 million ($126 million) for widespread compliance failures under federal anti-money laundering and counter-terrorist financing laws.
The fine related to over 1,000 suspicious transactions and more than 1,500 large virtual currency transactions that Canada’s anti-money laundering agency said Vancouver-based Cryptomus failed to report between July 1 and July 31, 2024.
Investigators said the unreported activity included transactions tied to child sexual abuse material, fraud, ransomware payments and sanctions evasion.
Cryptomus, previously known as Certa Payments Ltd., also failed to keep its compliance policies updated, assess risks of illicit finance and report key business changes as required by law, according to a press release.
“Given that numerous violations in this case were connected to trafficking in child sexual abuse material, fraud, ransomware payments and sanctions evasion, Fintrac was compelled to take this unprecedented enforcement action,” Sarah Paquet, the regulator's CEO, said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Regulatory Transparency Fuels Taurus’ Growth in New York’s Institutional Crypto Sector
- Taurus opens New York office for U.S. expansion, second North American location. - Regulatory changes like GENIUS/Clarity Acts and SAB 121 repeal create favorable environment for crypto engagement. - Provides custody, tokenization, and trading tech to major institutions, supporting 35+ blockchain networks. - Appoints Zack Bender to lead U.S. operations, aligns with Circle's Arc testnet for infrastructure projects. - Raised $65M in 2023 for expansion, targets underserved U.S. market with compliant solutio
ZKP Disrupts Crypto Speculation by Introducing a Trust Model Based on Verification
- ZKP blockchain project challenges crypto speculation by rewarding verifiable contributions over speculation, using cryptographic proof-based governance. - Its tokenomics allocates 48.5% of 1 billion tokens to community through phased unlocks, emphasizing long-term ecosystem development. - Whitelist participants shape trust mechanisms via data validation, contrasting traditional presales that prioritize capital or timing. - Integrating AI computation and privacy protocols, ZKP combines Proof of Intelligen
Bitcoin Updates: Eastern AI Advantage: Strategic Consistency Prevails Amid Unstable Cryptocurrency Markets
- Chinese AI models DeepSeek and Qwen outperformed Western counterparts in a crypto trading competition, achieving 126% and 108% returns respectively amid volatile markets. - Western models like GPT-5 and Gemini 2.5 Pro lost nearly 60% of capital due to poor high-frequency trading strategies and timing errors during sharp market corrections. - The contest highlighted strategic differences: DeepSeek's diversified long positions contrasted with Qwen's ETH-focused approach, while Western models struggled with
Solana News Update: MoonBull Merges Meme Craze and Strategic Expansion to Compete with Industry Leaders
- MoonBull ($MOBU) outpaces BNB and SOL in 2025 crypto growth via presale strategy and community-driven mechanics. - Stage 5 presale raised $450K at $0.00006584, projecting 9,256% returns by listing price of $0.00616. - Structured tokenomics with liquidity locks, burns, and 15% referral rewards differentiate it from speculative meme coins. - Analysts compare its growth model to Ethereum, suggesting it could redefine meme coins through governance and scarcity mechanisms.
Trending news
MoreCrypto prices
More
