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. says in an appeal filed in Federal Court that Fintrac's penalties for violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act were based on "errors of law."