🚨 Canada Just Issued Its Largest-Ever Crypto Fine — and It’s a Wake-Up Call for the Industry
Vancouver-based Cryptomus (formerly Certa Payments Ltd.) has been fined a record C$176.96M (US$126M) by Fintrac, Canada’s anti-money laundering regulator.
Here’s what happened:
Over 1,000 suspicious transactions and 1,500+ large virtual currency transfers were left unreported in July 2024 alone.
The activity was linked to child exploitation material, fraud, ransomware, and sanctions evasion.
Cryptomus allegedly failed to update compliance policies, perform risk assessments, or report major business changes — all required under AML/CFT laws.
Fintrac’s CEO, Sarah Paquet, called the violations “unprecedented,” emphasizing that the fine reflects the gravity of illicit finance risks in the crypto space.
Why this matters:
This isn’t just about one exchange — it’s a signal. Regulators are moving from education to enforcement.
Expect tighter oversight, heavier penalties, and stricter demands for compliance transparency in 2025.
Strategic takeaway:
Crypto firms that treat compliance as a checkbox risk extinction.
Those that build trust infrastructure — auditable reporting, AML automation, transparent data — will own the next era of regulated digital finance.