Canada’s First Crypto Exchange Shutdown Sparks Outrage Over User Funds

The Royal Canadian Mounted Police seized CAD 56 million ($41 million) in digital assets and dismantled TradeOgre on September 18, marking the country's first full crypto exchange shutdown. The investigation, initiated by a 2024 Europol tip, targeted the platform's lack of FINTRAC registration and inadequate identity checks.

Users and industry leaders like Taylor Monahan and Reuben Yap condemned the move as confiscation without recourse, highlighting the collateral damage of enforcement actions. The case underscores Canada's decade-long struggle with fragmented crypto regulation while aligning with global trends toward stricter oversight.

TradeOgre's abrupt closure leaves unanswered questions about balancing regulatory compliance with protecting innocent traders' assets—a tension increasingly visible as jurisdictions worldwide escalate crypto crackdowns.