The Royal Canadian Mounted Police (RCMP) has made a historic cryptocurrency seizure, confiscating over $56 million CAD from the exchange TradeOgre. This marks Canada’s largest cryptocurrency bust, highlighting the first instance of law enforcement dismantling a cryptocurrency trading platform in the country. The action stems from a year-long investigation led by the Money Laundering Investigative Team (MLIT), which began after a tip-off from Europol. Authorities accused TradeOgre of failing to register with Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) as a money services business and neglecting client identity verification. Most funds transacted on the platform were alleged to originate from illicit sources, with the platform reportedly enabling anonymous account creation, thereby facilitating organized crime activities. The RCMP is continuing its investigation, with the potential for future charges as transaction data is analyzed.

Source 🔗