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Canada Imposes Record C$177M Fine on Cryptomus Exchange

10/23/2025

Summary

Story summary

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a record C$176.96 million fine on Cryptomus, the cryptocurrency exchange operated by Xeltox Enterprises Ltd.
In July 2024, Cryptomus did not file 1,068 suspicious transaction reports and did not report 1,518 large transactions exceeding C$10,000.
The enforcement action signals a shift in Canada’s regulatory approach to cryptocurrency, emphasizing compliance in the expanding sector.

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Story summary

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a record C$176.96 million fine on Cryptomus, the cryptocurrency exchange operated by Xeltox Enterprises Ltd.
In July 2024, Cryptomus did not file 1,068 suspicious transaction reports and did not report 1,518 large transactions exceeding C$10,000.
The enforcement action signals a shift in Canada’s regulatory approach to cryptocurrency, emphasizing compliance in the expanding sector.