Canada’s financial crimes watchdog has revoked 47 cryptocurrency-related financial services business (MSB) registrations since the beginning of the year as part of a broader crackdown on anti-money laundering failures.
The Financial Transactions and Reporting Analysis Center of Canada (FINTRAC) has revoked 50 MSB registrations in total to date, including 23 in the latest enforcement action.
Ottawa steps up anti-money laundering enforcement
Finance Minister François-Philippe Champagne said the cancellations represent a “significant increase in the pace of work” and pledged that the government would maintain this momentum as it aims to… Money laundering and fraud risks.
He added that authorities will continue to monitor and follow up on new actions of virtual currency companies, including cryptocurrency transactions and crypto ATMs, which officials say could be used to facilitate illicit financing.
In a separate report, Canadian securities regulators Dismantle over thousands of scams Investment and cryptocurrency sites as part of a coordinated national campaign to tackle online financial crime.
The sweep, conducted between June 5, 2025, and February 12, 2026, resulted in the deactivation of 7,586 scam platforms linked to more than 13,000 URLs, Canadian Securities Administrators (CSA) said.
Join the editorial Finance Magnates Summit Singapore 2026which will bring together brokers, fintech companies, banks, EMIs, wealth managers and hedge funds across the Asia Pacific region.
Announced during Fraud Prevention Month, the operation was an extensive effort to disrupt online schemes targeting Canadian investors and deter potential fraudsters. This signaled a broader regulatory shift towards proactive detection and rapid removal of suspicious platforms rather than relying solely on slower, traditional enforcement channels.
When FINTRAC withdraws registration
The push for registrations comes on the heels of major sanctions against cryptocurrency companies late last year. FINTRAC fined Cryptomus $126 million for alleged violations, including failure to report suspicious transactions on more than 1,000 occasions in July 2024 and lack of a written letter.
compliance Policies.
You may also like: IG Group Considers Move from London to Wall Street: Report
Cryptocurrency exchange KuCoin received a $14 million penalty for allegedly failing to register as a foreign MSB and not reporting large cryptocurrency transactions with complete information.
Financial services companies operating in Canada must maintain records, verify customer identities, implement a compliance system, report identified financial transactions and register with the agency, FINTRAC said. Registration confirms that the company meets the legal requirements but does not mean that FINTRAC endorses or licenses the company.
The agency can deny or cancel registration if the company is ineligible, does not respond to requests for clarification within 30 days, fails to respond to information requests, does not update basic details such as name or address, or fails to assist the agency. Businesses have 30 days to request a review after rejection or cancellation.
This article was written by Jared Kirroy at www.financemagnates.com.
Source link
