The Royal Canadian Mounted Police (RCMP) recently seized over CAD $56 million in cryptocurrency from the TradeOgre exchange, marking the largest cryptocurrency seizure in Canada to date and the first dismantling of an exchange by domestic law enforcement. This action followed a referral from Europol that initiated a Money Laundering Investigative Team investigation. The RCMP discovered that TradeOgre violated Canadian regulations by not registering as a money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and failing to properly identify its clients. This lack of identification raised concerns as criminal organizations allegedly utilized the platform for laundering illicit funds. The seized assets included various cryptocurrencies such as bitcoin, ether, and XRP. Following the seizure, the RCMP is analyzing transaction data and has called for public assistance, indicating that the investigation is ongoing.

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