Canada revokes dozens of crypto firms’ registrations
Quick Insights
The Bottom Line
Canada revoked registrations of nearly three dozen cryptocurrency firms for money laundering and fraud violations.
How This Affects You
If you use unregistered crypto-to-cash services, your transactions may face enforcement scrutiny; registered crypto firms face stricter government oversight.
AI Summary
Canada's Financial Transactions and Reports Analysis Centre has revoked registrations of nearly three dozen cryptocurrency businesses following investigations by The Toronto Star and the International Consortium of Investigative Journalists. FINTRAC removed 23 crypto firms last week and struck a dozen others earlier this month from its registry of authorized money services providers. The revocations stem from a November Star investigation that identified dozens of unregistered crypto-to-cash conversion operations in the Toronto area, including two using crypto wallets allegedly linked to Iran-backed terror groups. Finance Minister François-Philippe Champagne said the government will pursue additional measures to combat money laundering and fraud risks posed by virtual currency businesses. The enforcement actions represent a significant acceleration in Canadian oversight of crypto money transmitters.
What's Being Done
Canada's financial regulator FINTRAC revoked 23 crypto firm registrations last week and a dozen more earlier this month; Finance Minister Champagne said the government will pursue additional regulatory measures.
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