Analysis
Cryptomus, KuCoin, Binance: C$203.1 Million in FINTRAC Crypto Penalties, and Ontario's Cases
Canada's anti-money-laundering regulator and Ontario's securities tribunal have both acted against offshore crypto platforms. The amounts, dates and outcomes.
The short version: FINTRAC has imposed C$203.1 million in penalties on 4 crypto businesses, according to its public notices: Xeltox Enterprises (operating as Cryptomus), Peken Global (operating as KuCoin), Binance Holdings and MP Technology Services (a MoonPay subsidiary). All 4 appealed to the Federal Court (FINTRAC).
FINTRAC
The largest is C$176,960,190 on Xeltox Enterprises, imposed on 16 October 2025 for 2,593 contraventions across 6 types of violations. FINTRAC determined that Peken Global (KuCoin), Binance Holdings and MP Technology Services were foreign money services businesses operating in Canada.
| Imposed | Business | Penalty | Status (FINTRAC) |
|---|---|---|---|
| 20 Nov 2025 | MoonPayMP Technology Services Ltd. | C$536,853.35 | Appealed to the Federal Court |
| 16 Oct 2025 | CryptomusXeltox Enterprises Ltd. | C$176,960,190.00 | Appealed to the Federal Court |
| 28 Jul 2025 | KuCoinPeken Global Limited | C$19,552,000.00 | Appealed to the Federal Court |
| 7 May 2024 | BinanceBinance Holdings Limited | C$6,002,000.00 | Appealed to the Federal Court |
Ontario
In June 2022 the Capital Markets Tribunal permanently banned KuCoin's operators from Ontario's capital markets and ordered a C$2 million penalty; in the same week it approved a settlement under which Bybit disgorged US$2,468,910. In October 2022 it approved a settlement with Aux Cayes Fintech, the operator of the OKX platform, including a C$600,000 penalty.
| Date | Platform | Outcome |
|---|---|---|
| 21 Jun 2022 | KuCoinMek Global Limited and PhoenixFin Pte. Ltd. (collectively KuCoin) | Capital Markets Tribunal (default decision): permanent bans from Ontario's capital markets, an administrative penalty of C$2,000,000 and costs of C$96,550.35, for trading without registration and distributing securities without a prospectus. Source |
| 22 Jun 2022 | BybitBybit Fintech Limited | Settlement approved by the Capital Markets Tribunal: Bybit disgorged US$2,468,910 and paid C$10,000 in costs, and undertook to accept no new Ontario accounts while registration discussions continue and to wind up its Ontario operations if they fail. Source |
| 12 Oct 2022 | OKXAux Cayes Fintech Co. Ltd. (platform www.okx.com) | Settlement approved by the Capital Markets Tribunal: administrative penalty of C$600,000, disgorgement of US$514,950 and costs of C$25,000; undertakings include no new accounts for Ontario residents. Source |
We track the cases listed here only. FINTRAC's list also covers banks, casinos and other businesses; we include entries that name a crypto business or brand.
Sources
- FINTRAC penalties fintrac-canafe.canada.ca
- KuCoin www.capitalmarketstribunal.ca
- Bybit www.osc.ca
- OKX www.capitalmarketstribunal.ca