Canada revokes crypto firms' registrations

7 hours ago

Canadian anti-money laundering authorities revoked registrations of nearly three dozen cryptocurrency businesses following an investigation by ICIJ and The Toronto Star.
FINTRAC removed 23 crypto firms from its registry, adding to a dozen earlier this month, signaling increased enforcement against money transmitters and crypto businesses.
The actions stem from a Star investigation revealing unregistered crypto businesses in Toronto, some with alleged links to Iran-backed terror groups.
Finance Minister François-Philippe Champagne vowed to maintain momentum and pursue new measures to address risks like money laundering and fraud in virtual currencies.
Experts question if Canadian authorities will systematically tackle illicit crypto finance, noting delays in enforcement and the need for quicker action.
A FINTRAC spokesperson indicated additional actions in the crypto industry are forthcoming, but details are limited due to confidentiality on ongoing compliance.
The Star's reporting identified over $120 million in crypto transactions through a single Toronto-area wallet, including funds from an alleged Iran-linked terrorist organization.
An undercover operation revealed a crypto platform, 001k, likely violated anti-money laundering laws by facilitating anonymous cash exchanges without proper identification.

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