FINTRAC fined Vancouver-based Cryptomus for failing to report over 1,000 suspicious crypto transactions tied to illicit markets, marking the agency’s largest penalty in its history.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed a record $126 million fine on Vancouver cryptocurrency firm Cryptomus. The penalty stems from the company's failure to report more than 1,000 suspicious transactions in a single month, many of which were linked to darknet markets and terrorist financing. This case represents FINTRAC’s largest-ever enforcement action against a crypto entity and underscores intensifying regulatory scrutiny over the sector’s AML compliance.