{"id":54595,"date":"2025-10-24T08:01:45","date_gmt":"2025-10-24T08:01:45","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=54595"},"modified":"2025-10-24T08:01:45","modified_gmt":"2025-10-24T08:01:45","slug":"canadas-aml-watchdog-slaps-cryptomus-with-126-million-fine-amid-major-compliance-lapses","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=54595","title":{"rendered":"Canada\u2019s AML Watchdog Slaps Cryptomus With $126 Million Fine Amid Major Compliance Lapses"},"content":{"rendered":"
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Canada\u2019s anti-money laundering (AML) watchdog, The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), recently announced that it had imposed a fine of $126 million on crypto trading platform Cryptomus for failure to report illicit transactions.<\/p>\n

FINTRAC Slaps $126 Million Fine On Crypto Exchange Cryptomus<\/h2>\n

According to an official announcement<\/a> on October 22, Canada\u2019s FINTRAC has slapped a massive penalty of $126 million on Vancouver-based digital assets trading platform Cryptomus. The exchange was found in breach of multiple federal AML and counter-terrorist financing laws.<\/p>\n

Notably, the fine imposed by FINTRAC on the trading platform is the largest penalty slapped on a Canada-based virtual assets entity to date. Cryptomus failed to report more than 1,000 suspicious transactions between July 1, 2024, and July 31, 2024.<\/p>\n

In addition to the 1,000 unreported transactions, Cryptomus was also found guilty of not reporting 1,500 large digital currency transactions with questionable digital trails. It also failed to comply with a Ministerial Directive.<\/p>\n

The regulator stated that the unreported transactions were largely related to child sexual abuse material, ransomware payments, fraud, and sanctions evasion. Further, Cryptomus failed to keep its compliance policies updated.<\/p>\n

Per the FINTRAC press release, Cryptomus also did not assess risks of illicit finance, and failed to report crucial business changes as required by law. Commenting on the development, FINTRAC CEO Sarah Paquet said:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

It should be highlighted that the Canadian financial regulator has been having a relatively busy 2025. Earlier this year, in February, FINTRAC issued<\/a> an alert about the role of virtual asset funds in cleaning illicit funds tied to fentanyl and opioid trafficking.\u00a0<\/p>\n

Similarly, in September, the Canadian police confirmed the largest digital assets seizure in the country\u2019s history. At the time, Canada\u2019s RCMP seized<\/a> digital assets worth $40 million belonging to Montreal-based crypto exchange TradeOgre.<\/p>\n

2025: The Year Of Penalties<\/h2>\n

2025 has seen an uptick in digital assets entities and traders facing fines for breach of laws. For example, Hungary\u2019s financial watchdog announced<\/a> that traders could face five years in prison for trading on unauthorized digital assets trading platforms.<\/p>\n

Similarly, one of the largest global digital assets exchanges by trading volume, OKX, pleaded guilty to operating an unlicensed money transmitting business in the US. As a result, the exchange was fined<\/a> $504 million.<\/p>\n

That said, some countries\u2019 citizens are pushing back against draconian digital assets laws. For instance, a controversial digital assets bill in Poland \u2013 Bill 1424 \u2013 is facing<\/a> pushback from the Polish virtual assets community. At press time, Bitcoin trades at $109,401, up 1.1% in the past 24 hours.<\/p>\n

\"crypto\"<\/div>\n","protected":false},"excerpt":{"rendered":"

Canada\u2019s anti-money laundering (AML) watchdog, The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), recently announced that it had imposed a fine of $126 million on crypto trading platform Cryptomus for failure to report illicit transactions. FINTRAC Slaps $126 Million Fine On Crypto Exchange Cryptomus According to an official announcement on October 22, Canada\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-54595","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/54595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54595"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/54595\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}