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B.C.-incorporated cryptocurrency firm appeals record $176 million Fintrac penalty
- Xeltox Enterprises Ltd., a cryptocurrency firm incorporated in British Columbia, is appealing a $176 million penalty from Fintrac for alleged violations of money laundering laws.
- Xeltox claims the penalties were based on 'errors of law' regarding its failure to report suspicious transactions connected to Iran.
- The appeal states that Xeltox had 'no knowledge or control' over the alleged violations committed by foreign licensees of its software partner.
- Fintrac's director, Sarah Paquet, noted that the case involved 'numerous violations' related to serious crimes, justifying the penalty against Xeltox.
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A cryptocurrency company registered in British Columbia is appealing a $176 million fine imposed last month by the Canadian Anti-Money Laundering Agency.
·Montreal, Canada
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B.C.-incorporated cryptocurrency firm appeals record $176 million Fintrac penalty
TORONTO — A cryptocurrency firm incorporated in British Columbia is appealing a $176 million penalty issued by Canada's anti-money-laundering agency last month. Xeltox Enterprises Ltd.
·Bradford West Gwillimbury, Canada
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Total News Sources13
Leaning Left11Leaning Right0Center1Last UpdatedBias Distribution92% Left
Bias Distribution
- 92% of the sources lean Left
92% Left
L 92%
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