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The Financial Transactions and Reports Analysis Centre (Fintrac) slapped the New York City-based crypto payments firm with a penalty of about $537,000, alleging failures of controls including transactions linked to darknet marketplaces, sanctioned entities and child sexual abuse material that the agency said the company didn’t report. MoonPay did not immediately respond to a request for comment. (The Logic)
Talking point: MoonPay joins fellow crypto firms KuCoin and Xeltox in running afoul of Fintrac in 2025, amid an enforcement crackdown that has seen the agency issue over $202 million in penalties since April, more than eight times its previous annual record. MoonPay rose to prominence during the NFT craze of 2021, attracting celebrity investors including Gwyneth Paltrow and members of the band the Chainsmokers, as well as venture capitalists such as Tiger Global and Coatue in a round that valued the company at US$3.4 billion. KuCoin and Xeltox are appealing their penalties.
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