Canadian authorities have confiscated more than 56 million Canadian dollars ($40 million USD) in cryptocurrency from the TradeOgre exchange, marking the country’s largest crypto seizure and the first complete dismantling of a digital asset platform.
The seizure, announced Thursday, followed a year-long investigation that began in June 2024 after Europol tipped off the RCMP’s money laundering unit. Working with blockchain analytics firm Arkham Intelligence, investigators traced illicit transactions tied to the exchange.
Authorities found that TradeOgre had bypassed Canada’s mandatory registration and Know-Your-Customer (KYC) requirements. The RCMP stated that the exchange failed to register with Fintrac as a money services business and was widely used by criminal networks.
Speculation about the exchange’s operations grew in July when its website went offline and its X account stopped posting. Frustrated users took to Reddit, questioning whether they had been scammed. Soon after, funds linked to the exchange were moved to wallets that displayed the message: “This site and its cryptoassets have been seized by the RCMP.”
The RCMP explained, “The main attraction of this type of platform, which doesn’t require users to identify themselves, is that it hides the source of funds. This is a common tactic used by criminal organizations that launder money.”
Although no arrests have been made, Canadian authorities have completely dismantled the platform. This move sends a strong message about the country’s intent to enforce compliance in the crypto sector.
Canada has long been a leader in crypto regulation, introducing anti-money laundering laws and issuing heavy fines for noncompliance. The TradeOgre case is now the first in which an entire exchange has been taken down for money laundering violations.
The case marks Canada’s largest crypto seizure and the first time an entire exchange has been dismantled for money laundering, signaling a strong regulatory crackdown.
No arrests have been announced, but Canadian authorities successfully shut down the platform entirely, sending a clear message about enforcing compliance.
Authorities are concerned with how unregulated exchanges without mandatory KYC requirements hide the source of funds, enabling criminal organizations to launder money.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Story Highlights The live price of the DASH coin is . The Dash price could…
The crypto market has been struggling over the past few weeks, leaving many investors wondering…
After years of bull runs, crashes, and wild swings, Reddit's crypto investors are opening up…
Story Highlights Solana Price Today is . Solana coin price could reach a potential high…
FTX, the crypto exchange that collapsed in 2022, has withdrawn a controversial proposal that could…
Story Highlights Binance Coin Price Today is . The BNB price prediction anticipates a potential…
