Name: Crypto exchange fined $177M by Canadas financial crime watchdog
Uploaded: 2025-10-23T14:42:25.063Z
Duration: 2 min 6 s
Description: The B.C. company that operates the Cryptomus exchange has been fined almost $177 million by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for not flagging transactions linked to criminal activity.

The B.C. company that operates the Cryptomus exchange has been fined almost $177 million by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for not flagging transactions linked to criminal activity.

British Columbia

Canada's financial crime regulator, Fintrack, has issued a record fine of nearly $177 million against Kryptimus, a cryptocurrency exchange operated by Zeltrox Enterprises in British Columbia. The penalty follows a spot audit that revealed Kryptimus failed to report thousands of suspicious transactions, including transfers to sanctioned countries such as Iran and activities potentially linked to digital ransom and child exploitation.

This fine is about nine times larger than the previous record in the Canadian crypto sector. Regulators have expressed concern about the lack of transparency and accountability in virtual currency transactions. The government is considering establishing a national financial crime agency, and the move signals increased enforcement in response to both domestic and international pressure. Kryptimus did not respond to requests for comment.

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