Written by Stephen Katte,Staff Writer
Reviewed by Jesse Coghlan,Staff EditorCanada vows continued crypto crackdown after taking down 47 firms in 2026
38 minutes agoNear the end of last year FINTRAC fined crypto platform Cryptomus $126 million and crypto exchange KuCoin $14 million for a range of alleged violations.
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Subscribe on Subscribe onCanada's financial intelligence unit has revoked the registrations of 50 money services businesses (MSBs) so far this year, with 47 related to crypto, and the minister of finance says it will continue cracking down.
Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) said on Monday that it took its most recent action, revoking 23 MSB registrations.
Minister of Finance François-Philippe Champagne said in a statement on Tuesday that it's part of the government's latest effort to combat money laundering, with FINTRAC also “strengthening enforcement and increasing transparency on compliance actions.”
He added that the 23 cancellations represented “a significantly increased pace of action, and our government will maintain this momentum.”
“Our government will continue to monitor and pursue new measures to address risks posed by virtual currency businesses, such as cryptocurrency MSBs and crypto ATMs, which can be used to facilitate money laundering and fraud,” Champagne said.
Traditional financial systems, such as wire transfers, have long been used for money laundering and other forms of fraud due to their scale and widespread adoption.
Related: US, UK, Canada launch joint operation to disrupt crypto fraud
The Financial Action Task Force estimates that 2 to 5% of global GDP is laundered through traditional financial systems, whereas Chainalysis estimates that less than 1% of crypto transactions are linked to illicit activity.
Two crypto platforms fined near the end of last year
FINTRAC has been stepping up its enforcement actions against crypto firms, issuing a $126 million fine against crypto platform Cryptomus in October for a range of alleged violations, including failing to report suspicious transactions on 1,068 separate occasions in July 2024 and failing to develop and apply written compliance policies.
Crypto exchange KuCoin also received a $14 million penalty a month earlier for violations, including allegedly failing to register as a foreign money services business with FINTRAC and failing to report large crypto transactions with the required information.
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