Crypto Firm Cryptomus Fined Record $126 Million by Canada Agency

Crypto firm Xeltox Enterprises Ltd. received the largest penalty on record from Canada’s anti-money-laundering agency for allegedly breaching the rules on suspicious transactions thousands of times in a single month.

Xeltox, which does business under the name Cryptomus, was fined C$177 million ($126 million) by the Financial Transactions and Reports Analysis Centre of Canada, according to a statement on Wednesday. The Vancouver-based firm offers trading, payments, wallets and a peer-to-peer exchange for cryptocurrencies.

Fintrac’s investigation found that Cryptomus failed to report transactions “where there were reasonable grounds to suspect that they were related to the laundering of proceeds connected to ...