Cryptomus Fined CAD 176 Million for AML and Terrorist Financing Violations

Cryptomus, a Russia-linked cryptocurrency payment processor and exchange, has been fined CAD 176 million by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for violating anti-money laundering (AML) and terrorist financing legislation.

The company was incorporated in Canada under Xeltox Enterprises Ltd. and has processed over USD 7 billion in transactions since its founding in 2022, with monthly on-chain volumes reaching approximately USD 153 million in January 2025.

TRM Labs analysts have identified numerous links between Cryptomus and Heleket, a parallel service offering no-KYC payment processing. The two platforms share common liquidity providers, including the now-closed sanctioned Russian exchange Garantex, and exhibit similar volume trajectories.