Oh, the drama! Canada’s financial watchdog has unleashed its most lavish penalty yet-$126 million on Vancouver’s Cryptomus! 🕵️♂️💸 A veritable smorgasbord of suspicious transactions, including darknet markets and terrorist financing, all in one month! 🤯
- FINTRAC fined Cryptomus $126M-Canada’s crypto penalty crown jewel! 💎
- Over 1,000 unreported transactions and 7,500 Iran-linked transfers? A scandalous spectacle! 🚫
FINTRAC, ever the stickler for rules, dished out a C$176.96M slap (about $126M) to Xeltox Enterprises Ltd., the folks behind Cryptomus. 🎩 It seems the platform was more “sloppy” than a diplomat’s handshake. 💸
The penalty, issued on Oct. 16, stems from a shocking lack of compliance. Imagine processing 1,000 suspicious transactions and not batting an eyelid! 🤡
FINTRAC linked these blunders to the sinister likes of child sexual abuse material, ransomware, and sanctions evasion. A true cocktail of chaos! 🍹
“Given the gravity of these violations, FINTRAC was compelled to take this unprecedented enforcement action,” said Sarah Paquet, who’s clearly had enough of crypto’s antics. 🙃
A Pattern of Non-Compliance & Cross-Border Blind Spots
Cryptomus allegedly let 1,518 virtual transactions slip through its fingers-each over C$10K! A broken teacup of compliance, if you will. 🍵
This is the cornerstone of Canada’s anti-money laundering framework, yet Cryptomus treated it like a bedtime story. 📚 The volume of missed reports? A masterclass in negligence. 🤷♂️
And then there’s the Iran debacle: 7,557 unreported transactions? A suspiciously high number! 🚫 The firm’s neglect? A direct line for sanctions evasion. A national security nightmare! 🚨
This wasn’t a one-off. Last May, the B.C. Securities Commission gave Cryptomus a temporary ban. A previous misstep, if you’ll excuse the pun. 🎩
In Canada’s crypto world, this fine is a turning point. Last year’s record? A mere peccadillo compared to this! FINTRAC’s message? “Comply or face the wrath of a very serious bureaucracy.” 🧑⚖️
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2025-10-22 22:07