- The Royal Canadian Mounted Police (RCMP) has seized more than C$56 million (AU$62 million) in digital assets from the cryptocurrency exchange TradeOgre, making it the largest crypto seizure in the country’s history.
- It followed a year-long investigation that found the exchange was allegedly operating without registering as a money services business and was not conducting identity verification checks on its clients.
- The RCMP stated that the platform’s lack of oversight allowed illicit funds to move through it with little supervision and that the agency views the seizure as a warning to other operators.
The Royal Canadian Mounted Police (RCMP) said it has seized more than C$56 million (AU$62 million) in digital assets from cryptocurrency exchange TradeOgre, calling it the largest crypto seizure in Canadian history. According to reporting by Decrypt, the RCMP seized several crypto assets such as Bitcoin, XRP, Ethereum, Litecoin and Tron.
According to a press release from the RCMP’s Eastern Region division, the seizure followed a year-long investigation by the Money Laundering Investigative Team (MLIT). The probe began in June 2024 after Europol tipped off Canadian authorities about the platform’s alleged violations of domestic law.
Related: Canadian Steals $48M in Crypto, Keeps Stealing While on Bail: Report
A Warning To Operators
Canadian regulators have been tightening oversight of digital asset platforms in recent years. The RCMP characterised the seizure as a warning to operators that fail to comply with registration and anti-money laundering requirements.
Investigators concluded that TradeOgre had operated without registering as a money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The exchange also allegedly failed to conduct identity verification checks on its clients.
Authorities said these gaps allowed illicit funds to move through the platform with little oversight. The RCMP alleges that the majority of assets transacted on TradeOgre originated from criminal activity, with the service enabling organised crime groups to obscure the trail of illicit proceeds through anonymous account creation.
The RCMP confirmed that dismantling TradeOgre marked the first time Canadian police had shut down a cryptocurrency exchange. Officials said they are now analysing transaction records from the platform, with the potential for charges to follow.
Related: New Zealand Cracks Down on Cash Crime with Crypto ATM Ban and $5K Transfer Cap
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