Canada fines Cryptomus operator C$177M

Canadian authorities have fined Xeltox, the operator of cryptocurrency service Cryptomus, 177 million Canadian dollars, Bloomberg reported. The Vancouver-based company provides cryptocurrency trading, payment, wallet, and peer-to-peer (P2P) trading services. According to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Cryptomus failed to report suspicious transactions to authorities that were potentially linked to money laundering from activities including the trafficking of child sexual abuse material, fraud, and ransomware.