C$176.9 Million Fine Against Cryptocurrency Exchange From FINTRAC Demonstrates Costs of Non-Compliance

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Friday, January 16, 2026

Author:

Simon Grant, Jessica Horwitz, Andrew Bozzato, and Nicole Liu, Bennett Jones LLP

Volume:

42

Issue:

2

Abstract:

The C$176.9 million administrative monetary penalty imposed against the Vancouver-based, overseas-operated, cryptocurrency exchange Xeltox Enterprises Ltd., operating under the name Cryptomus, by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) on October 22, 2025, highlights the regulatory perils that face cryptocurrency exchanges that operate in Canada outside the law.