Canadian cryptocurrency firm Cryptomus, operating under the name Xeltox Enterprises Ltd., has been slapped with a record-breaking fine of $177 million CAD (approximately $126 million USD) by Canada’s anti-money laundering agency, FINTRAC. This unprecedented penalty underscores the seriousness of the violations committed by the Vancouver-based company. Cryptomus offers a range of services including cryptocurrency trading, payment processing, wallet management, and peer-to-peer transactions. FINTRAC’s Chief Executive Officer Sarah Paquet emphasized that the severity of the reported violations required extraordinary enforcement action, citing Cryptomus’ failure to report over 1,000 transactions suspected of money laundering or terrorist financing in July 2024 as a significant contributing factor to this penalty. Additionally, the company failed to disclose more than 1,500 transactions involving virtual currency exceeding $10,000 received from individual clients during that same period.