PANews reported on October 22nd that crypto company Xeltox Enterprises Ltd. (operating under the name Cryptomus) was fined CAD$177 million (approximately USD$126 million) by Canada's anti-money laundering agency, FINTRAC, for thousands of suspicious transaction reporting violations within a single month. The Vancouver-based company provides cryptocurrency trading, payment, wallet, and peer-to-peer trading services. FINTRAC CEO Sarah Paquet stated that the severity of the violations compelled the agency to take unprecedented enforcement action. The regulator noted that Cryptomus failed to report over 1,000 transactions suspected of money laundering or terrorist financing in July 2024, and over 1,500 transactions in which customers received over CAD$10,000 in virtual currency during the same period.