The Canadian encryption trading platform Cryptomus was fined 177 million CAD for failures in AML regulations.

On October 23, The Block reported that Canada’s financial crime regulator has imposed a record fine of CAD 176.96 million (approximately USD 126.2 million) on the crypto asset trading platform Cryptomus for violating anti-money laundering and sanctions regulations. This is the largest fine in the agency's history. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that the operator, registered in British Columbia under the official name Xeltox Enterprises Ltd., failed to report over 1,000 suspicious transactions in July 2024, which involved activities related to the dark web market, wallets associated with child sexual abuse materials, fraud, ransomware payments, and sanctions evasion. Additionally, FINTRAC found that the platform did not declare 7,557 fund transfers from Iran and 1,518 large crypto asset transactions exceeding CAD 10,000 between July and December 2024. The regulator noted that Cryptomus lacked a comprehensive KYC process and risk assessment mechanisms, and its compliance program was rated as “incomplete and insufficient.”

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