Cryptomus’ Xeltox Enterprises Fined $177 Million By Canadian Regulator

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Xeltox Enterprises, the parent company of Cryptomus, nearly $177 million for non-compliance, the federal regulator announced on Wednesday.

Parent Company of Cryptomus Fined $177 Million

According to an October 22 press release, FINTRAC fined the crypto exchange’s parent company for failing to comply with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.

According to Canada’s financial intelligence unit, Xeltox Enterprises (previously known as Certa Payments) failed to submit suspicious transaction reports on 1,068 occasions in July 2024 alone.

FINTRAC has imposed an administrative monetary penalty of $176,960,190 on Xeltox Enterprises Ltd. (also operating as Cryptomus), a money services business incorporated in British Columbia. For more information, consult: https://t.co/JwNhm3DIVs pic.twitter.com/YK1SpyD6HP

— FINTRAC_Canada (@FINTRAC_Canada) October 22, 2025

That same month, the crypto organization did not report virtual currency transactions worth over $10,000 on 1,518 separate occasions.

The massive $176,960,190 fine marks the largest financial penalty ever doled out by the Canadian watchdog.

“We are committed to working with our domestic partners and international allies to protect the safety of Canadians and the security of Canada’s economy,” FINTRAC Director and Chief Executive Officer Sarah Paquet said.

“Given that numerous violations in this case were connected to trafficking in child sexual abuse material, fraud, ransomware payments, and sanctions evasion, FINTRAC was compelled to take this unprecedented enforcement action,” she added.

FINTRAC Pushes for Crypto Compliance After Largest Ever Fine

FINTRAC also warns of vulnerabilities within the digital asset industry that “make the sector as a whole susceptible to exploitation by illicit actors” so long as “proper anti-money laundering and anti-terrorist financing compliance controls are not put in place.”

“As Canada’s virtual currency sector continues to expand rapidly, so too do the risks associated with money laundering, terrorist financing and sanctions evasion,” the regulator said.

FINTRAC is reinforcing the importance of robust compliance frameworks to protect Canadians and safeguard the integrity of Canada’s financial system.