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Xeltox Enterprises Ltd., a cryptocurrency firm based in British Columbia, is appealing a $177 million penalty from Canada’s anti-money-laundering agency, FINTRAC, for alleged violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The company claims it was wrongly held responsible for over 7,500 suspicious transactions linked to Iran and argues that FINTRAC misidentified it as the same entity as its Panama-based software provider, Cryptomus. FINTRAC cited serious violations, including failing to report transactions tied to child exploitation and darknet markets. Xeltox insists that the violations were committed by foreign entities with no ties to Canada.
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