FINTRAC Imposes Penalty on Xeltox Enterprises

$117 million penalty slapped on company

Thousands of transactions linked to criminal activity

A B.C.-based cryptocurrency exchange has been handed a $117 million fine by FINTRAC, according to reporting by the CBC.

Xeltox Enterprises Ltd., which operates as Cryptomus and was once known as Certa Payments Ltd. has been fined for a range of infractions, which include over 1,000 transactions with suspected links to criminal activity that went unflagged.

Full Read:

• https://www.wealthprofessional.ca/news/industry-news/fintrac-issues-largest-ever-fine/390596?hsmemberId=624931&tu=cab225e9-a56e-4453-ba7a-30cbd695b619&utm_campaign=&utm_medium=20251022&_hsenc=p2ANqtz-8PLVPeejzfmLQf07u1ievlFaOPrSkblb0iKGvKCeF_mLeadLqqxHvEZs4zfnTqVnLiUnfuWKfc2iW4YAB-JzGrX6-5mo2l3fzYBftOFQe6NV8eRLY&_hsmi=386359185&utm_content=cab225e9-a56e-4453-ba7a-30cbd695b619&utm_source=

Following a compliance examination, this money services business, incorporated in British Columbia under the name Xeltox Enterprises Ltd., was imposed an administrative monetary penalty of $176,960,190 on October 16, 2025, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

• https://fintrac-canafe.canada.ca/new-neuf/nr/2025-10-22-eng

Nature of violations

• https://fintrac-canafe.canada.ca/pen/amps/pen-2025-10-22-eng