Canada Seizes $56M in Crypto, Dismantles TradeOgre Platform in Record Bust

The Royal Canadian Mounted Police (RCMP) has executed the largest cryptocurrency seizure in Canadian history, confiscating over $56 million tied to alleged money laundering. The operation also resulted in the shutdown of TradeOgre, an unregistered crypto exchange accused of facilitating illicit transactions.

Europol's intelligence in June 2024 triggered the investigation. RCMP's Money Laundering Investigative Team found TradeOgre violated Canadian regulations by failing to register with FINTRAC or implement customer identity verification. The platform allegedly served as a conduit for criminal organizations to obscure fund origins.

This marks Canada's first enforcement action against a cryptocurrency exchange. Authorities emphasize the growing scrutiny on platforms enabling anonymous transactions amidst global crackdowns on financial crime.