$117 million penalty slapped on company for thousands of transactions linked to criminal activity
A B.C.-based cryptocurrency exchange has been handed a $117 million fine by FINTRAC, according to reporting by the CBC.
Xeltox Enterprises Ltd., which operates as Cryptomus and was once known as Certa Payments Ltd. has been fined for a range of infractions, which include over 1,000 transactions with suspected links to criminal activity that went unflagged.
The fine is the largest ever handed down by FINTRAC, far higher than the $20 million fine handed to the operator of KuCoin in September. KuCoin was another cryptocurrency firm operated by Peken Global Ltd.
FINTRAC also says that Cryptomus failed to report an additional 7,557 transactions originating from Iran in the second half of 2024. Transactions associated with Iran are under ministerial directive to be treated as high risk.
