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Crypto Enforcement in Canada: FINTRAC and Ontario

FINTRAC has imposed C$203.1 million in penalties on 4 crypto businesses; all 4 appealed to the Federal Court. In Ontario, the Capital Markets Tribunal banned KuCoin and approved settlements with Bybit and OKX.

FINTRAC penalties on crypto businessesC$ million, administrative monetary penalties. Xeltox Enterprises: 177; Peken Global: 19.6; Binance Holdings: 6; MP Technology Services: 0.5FINTRAC penalties on crypto businessesC$ million, administrative monetary penaltiesXeltox Enterprises17716 Oct 2025Peken Global19.628 Jul 2025Binance Holdings67 May 2024MP Technology Services0.520 Nov 2025Source: FINTRAC. VASP Tracker

Total C$203.1 million; all 4 were appealed to the Federal Court, according to FINTRAC. Source: FINTRAC.

ImposedBusinessPenaltyStatus (FINTRAC)
20 Nov 2025MoonPayMP Technology Services Ltd.C$536,853.35Appealed to the Federal Court
16 Oct 2025CryptomusXeltox Enterprises Ltd.C$176,960,190.00Appealed to the Federal Court
28 Jul 2025KuCoinPeken Global LimitedC$19,552,000.00Appealed to the Federal Court
7 May 2024BinanceBinance Holdings LimitedC$6,002,000.00Appealed to the Federal Court

Ontario Securities Cases

DatePlatformOutcome
21 Jun 2022KuCoinMek 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 2022BybitBybit Fintech LimitedSettlement 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 2022OKXAux 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

Sources: FINTRAC public notice of administrative monetary penalties and Capital Markets Tribunal / OSC records, checked on every build. Only the cases listed here are tracked.

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VASP Tracker, “Crypto Penalties in Canada: FINTRAC and OSC Cases”, https://vasptracker.com/en/ca/enforcement/ (accessed 21 Oct 2026). CC BY 4.0.