FINTRAC hits British Columbia crypto firm with record $125M penalty for AML failures | News Brief

Canada’s financial intelligence agency has issued its largest-ever penalties against a cryptocurrency exchange, a fine of $126 million (CA$176.9 million). The agency said the exchange’s compliance failures represented a “severe breach of Canada’s anti–money laundering framework.”

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed the record fine on British Columbia-based Xeltox Enterprises Ltd., which operates as Cryptomusa cryptocurrency exchange. FINTRAC imposed the penalty of Oct. 16, following a compliance examination that took place in July 2024.