TechFlow news, October 22 — According to Bloomberg, Canadian anti-money laundering authorities have fined cryptocurrency company Xeltox Enterprises Ltd. (doing business as Cryptomus) a record 177 million Canadian dollars (approximately 126 million U.S. dollars) for allegedly violating suspicious transaction reporting rules thousands of times within a single month. This is the largest penalty ever issued by the agency.
Cryptomus is a company offering cryptocurrency trading, payment, wallet, and peer-to-peer transaction services. It is alleged to have committed serious violations in anti-money laundering compliance, particularly failing to meet its obligations regarding suspicious transaction reporting.
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