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
Cardano News Today: Cardano at $0.68—Will It Surge to $2.70 or Drop to $0.55?
- Cardano (ADA) trades near $0.64, with $0.68 as key resistance for a potential $2.70+ bullish breakout. - Technical analysis highlights wedge patterns and inverse head-and-shoulders formations, with $0.65 as critical reversal level. - Strong community sentiment (83% bullish holders) and domain initiatives support long-term value, though price remains market-dependent. - A $0.68+ breakout could trigger multi-month growth, while breakdown below $0.62 risks retesting $0.55 support. - Institutional ETF applic
Fed Poised for Likely Rate Reduction Amid Cooling Inflation and Economic Ambiguity
- The Fed's 25-basis-point October rate cut probability hit 98.9%, driven by softer inflation and improved U.S.-China trade relations. - Global equity inflows ($11.03B) and crypto gains reflect risk-on sentiment, with tech stocks and gold funds seeing record inflows. - Delayed economic data from the U.S. government shutdown creates uncertainty, while economists split on future easing paths. - Market focus remains on October 24 CPI data and Fed policy, with asset valuations hinging on liquidity conditions a
Investors Place Kalshi’s Valuation at $12 Billion Amid Rapid Growth in Prediction Markets
- Kalshi, a U.S.-regulated prediction market platform, now valued at $12B after a $300M funding round, faces rising competition from Polymarket. - Both platforms expand into sports betting, with Kalshi partnering Robinhood and Polymarket securing DraftKings ties, while NHL licenses their services. - Kalshi achieved $50B in annualized trading volume but faces regulatory challenges, including state gaming disputes over sports betting models. - CFTC approval gives Kalshi a regulatory edge, but unresolved lega
Bitcoin News Update: Bitcoin Companies Resemble REITs, Seek Returns as Premiums Decline
- Bitcoin treasury firms trade below BTC holdings as market sentiment falters, with many trading at mNAV multiples below 1x. - Companies like Semler Scientific (0.80x mNAV) and Strive (50% discount to BTC value) exemplify the sector's valuation collapse. - The model pioneered by MicroStrategy now faces sustainability challenges, shifting focus to BTC yield generation via lending or infrastructure. - Market recalibration highlights risks of speculative premiums, with future success dependent on tangible val
Trending news
MoreCrypto prices
More
