Cryptomus, a digital payments platform, was recently fined $176 million by Canada’s FINTRAC for failing to report suspicious transactions linked to child exploitation and financial crimes. This penalty follows a report highlighting Cryptomus’s connections to numerous cryptocurrency exchanges and cybercrime services.
FINTRAC’s actions were triggered by investigations revealing how Cryptomus supported over 122 cybercrime services, including significant money laundering activities. The shared research showed that numerous cryptocurrency services used Cryptomus without appropriate regulatory compliance, prompting significant penalties. Industry experts expressed surprise at the delay of such enforcement, considering the vast amount of evidence against Cryptomus. Despite the considerable fine being the largest from FINTRAC to date, skeptics worry that it may merely be a cost of doing business for such organizations involved in illicit activities.
👉 Pročitaj original: Krebs on Security
