Canada’s financial intelligence agency has given out its largest-ever fine to a cryptocurrency exchange, saying numerous violations involving transactions connected to child sexual abuse material and sanctions evasions led to the “unprecedented” $177 million fine.
Xeltox Enterprises Ltd., which operates the cryptocurrency platform Cryptomus, was handed a $176,960,190 fine on Oct. 16 for non-compliance with the Proceeds of Crime and Terrorist Financing Act and associated regulations. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said the B.C. company committed a total of six administrative violations.
