“Fintrac said the firm was fined for unreported activity including transactions tied to child sexual abuse material, fraud, ransomware payments and sanctions evasion.”, — write: www.coindesk.com
The fine related to over 1,000 suspicious transactions and more than 1,500 large virtual currency transactions that Canada’s anti-money laundering agency said Vancouver-based Cryptomus failed to report between July 1 and July 31, 2024.
Investigators said the unreported activity included transactions tied to child sexual abuse material, fraud, ransomware payments and sanctions evasion.
Cryptomus, previously known as Certa Payments Ltd., also failed to keep its compliance policies updated, assess risks of illicit finance and report key business changes as required by law, according to a press release.
“Given that numerous violations in this case were connected to trafficking in child sexual abuse material, fraud, ransomware payments and sanctions evasion, Fintrac was compelled to take this unprecedented enforcement action,” Sarah Paquet, the regulator’s CEO, said.
Stablecoin payment volumes have grown to $19.4B year-to-date in 2025. OwlTing aims to capture this market by developing payment infrastructure that processes transactions in seconds for fractions of a cent.
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Several top crypto executives met with senators to hash out next steps on moving forward with the bill that would regulate US crypto markets.
- Crypto CEOs met several Senate Democrats on Wednesday to figure out how to move forward on market structure legislation.
- The same crew moved on to a similar meeting with Republican lawmakers the same afternoon, after which a key GOP senator urged Democrats to return to negotiations.
- Chainlink’s CEO suggested the Democrats showed a willingness to keep supporting a bipartisan legislative effort.
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