Canada’s Financial Intelligence Agency has imposed the toughest sanctions ever imposed on a cryptocurrency exchange, a fine of $126 million (C$176.9 million). The agency said the exchange’s compliance failures represented a “serious violation of Canada’s anti-money laundering framework.”
The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) has imposed a record fine on British Columbia-based Xeltox Enterprises Ltd., which operates under the name cryptocurrency exchange Cryptomusa. FINTRAC imposed the sanction on October 16, following a compliance review that took place in July 2024.
