Cryptomus, a cryptocurrency exchange based in British Columbia, has been fined a record C$176.96 million (USD 126.2 million) by Canada’s Financial Transactions and Reports Analysis Center (FINTRAC). This penalty marks the largest fine ever issued by FINTRAC and is a direct result of the exchange’s failure to comply with anti-money laundering (AML) and sanctions regulations.
The fine was triggered by the inability of Cryptomus to report back thousands of suspicious transactions. In July 2024 alone, the exchange did not issue red flags on more than 1,000 transactions that were suspected of connection to money laundering and financing of terrorist organizations. These payments covered the darknet markets, fraud, ransomware money, and the sale of child sexual abuse material.
According to Bitget, Cryptomus failed to disclose the existence of more than 7,500 transfers related to Iran, which is under serious sanctions imposed by Canada. The exchange illegally conducted these unreported transactions between July and December 2024, contrary to the sanctions law in Canada . Other compliance failures mentioned by FINTRAC included the absence of effective know-your-client (KYC) procedures. The regulator established that Cryptomus had a poor risk assessment and an unfinished compliance program.
This fact contributed to the failure of the company to detect and report large-value crypto transactions over C$10,000. Overall, 1,518 of these transactions were not reported in the period between July and December 2024. Cryptomus did not provide the required monitoring and did not even ensure that its platform corresponded to industry-standard AML requirements. Such negligence contributed to the engagement of the exchange in illicit activities associated with high-risk jurisdictions, such as Russia and Iran.
The activity of Cryptomus was also subject to criticism because of its relations with Garantex, a Russian cryptocurrency exchange that has since been shut down due to its alleged involvement in cybercrime and money laundering. From January 2024 to March 2025, according to analysis of TRM Labs, Cryptomus traded about USD 250 million of cryptocurrency with Garantex.
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