Canada’s money laundering watchdog has given Vancouver-based crypto exchange Xeltox Enterprises (operating as Cryptomus) its largest fine to date.

Xeltox representatives from Uzbekistan and Spain told the company had no employees working in Canada.

The nearly $177-million penalty stems from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) finding almost 2,600 violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act . The act requires financial institutions to maintain certain compliance standards, as well as record and report certain types of transactions to FINTRAC. The fine firmly eclipses FINTRAC’s previous record-setting levy of nearly $20 million against another crypto exchange, KuCoin, last month.

The agency said Cryptomus allege

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