Canada’s financial watchdog is cracking down on cryptocurrency businesses. So far in 2026, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has cancelled the licenses of 50 money services businesses (MSBs), including 47 crypto firms such as exchanges, wallets, and other services.
The move is to lower money laundering risks and make sure all crypto platforms, services, and ATMs follow the rules.
As per the report, the Financial Transactions and Reports Analysis Centre of Canada has revoked 50 money services business (MSB) licenses so far in 2026, with 47 tied to crypto firms.
The latest action includes 23 newly revoked registrations, highlighting what authorities describe as a “significantly increased pace of enforcement.”
Authorities confirmed that affected firms have a 30-day window to appeal. However, the scale and pace of action suggest a clear shift toward stricter regulatory control in Canada’s crypto sector.
According to FINTRAC, crypto businesses in Canada must register with FINTRAC before operating. They also need to keep records, verify customer identities, and report large or suspicious transactions.
Finance Minister Francois Philippe Champagne said this move is part of Canada’s effort to stop money laundering and fraud.
The government is also giving extra support to law enforcement and plans a new financial crimes agency to make supervision stronger.
Regulators have also imposed major fines on non-compliant platforms. Crypto platform Cryptomus was fined $126 million for multiple violations, including failure to report over 1,000 suspicious transactions.
Similarly, KuCoin faced a $14 million penalty for operating without proper registration and failing to report large transactions. These actions underline a zero-tolerance approach toward violations.
Authorities are taking action to fight financial crime, noting that many crypto platforms lack proper transaction monitoring, reporting, and compliance rules. However, the issue is bigger than crypto.
The Financial Action Task Force says 2%–5% of global GDP is laundered through traditional finance, compared with less than 1% in crypto.
This shows that Canada is clearly moving toward stricter crypto regulation. While the aim is to reduce illegal activity, the crackdown is also making it harder for smaller firms to survive due to higher costs and tougher rules.
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