Cryptocurrency firm Xeltox Enterprises Ltd., operating as Cryptomus, has been fined CAD$177 million (approximately USD$126 million) by Canada's anti-money laundering agency, FINTRAC. The penalty was imposed for failing to report thousands of suspicious transactions in July 2024. FINTRAC CEO Sarah Paquet highlighted the unprecedented nature of the enforcement action due to the severity of the violations. The Vancouver-based company, which offers cryptocurrency trading, payment, wallet, and peer-to-peer services, reportedly did not report over 1,000 transactions suspected of money laundering or terrorist financing. Additionally, Cryptomus failed to report more than 1,500 transactions where customers received over CAD$10,000 in virtual currency during the same period.
Cryptomus Fined $126 Million by Canadian Regulators for AML Violations
This content is for informational purposes only and does not constitute investment advice.
SuperEx Popular Science Articles Column
This collection features informative articles about SuperEx, aiming to simplify complex cryptocurrency concepts for a wider audience. It covers the basics of trading, blockchain technology, and the features of the SuperEx platform. Through easy-to-understand content, it helps users navigate the world of digital assets with confidence and clarity.
How do beginners trade options?How does option trading work?
This special feature introduces the fundamentals of options trading for beginners, explaining how options work, their main types, and the mechanics behind trading them. It also explores key strategies, potential risks, and practical tips, helping readers build a clear foundation to approach the options market with confidence.
What are the risks of investing in cryptocurrency?
This special feature covers the risks of investing in cryptocurrency, explaining common challenges such as market volatility, security vulnerabilities, regulatory uncertainties, and potential scams. It also provides analysis of risk management strategies and mitigation techniques, helping readers gain a clear understanding of how to navigate the crypto market safely.
Bitcoin historical price data and trends
This special feature gathers multiple articles on Bitcoin’s historical price data, analyzing past trends, market cycles, and key events that shaped its value. It also explores factors influencing price movements, providing readers with insights into Bitcoin’s long-term performance and market patterns.
Detailed Illustrated Guide to Contract Trading
This collection, "Detailed Illustrated Guide to Contract Trading," explains the fundamentals of contract trading, including futures and margin trading. It uses clear illustrations to simplify key concepts, risk management strategies, and order types, making it accessible for both beginners and experienced traders.