B.C. crypto company fined $176 million by FINTRAC

Canada’s financial intelligence agency, FINTRAC, has fined Vancouver cryptocurrency company Xeltox Enterprises Ltd. $176,960,190 for failing to report suspicious transactions linked to money laundering, including activities related to child sexual abuse, fraud, and ransomware. This unprecedented penalty highlights the rising risks in the virtual currency sector and aligns with the government’s broader strategy to combat online crime and fraud.

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