Canada vows continued crypto crackdown after taking down 47 firms in 2026
Near the end of last year, FINTRAC fined crypto platform Cryptomus $126 million and crypto exchange KuCoin $14 million for a range of alleged violations.
Canada’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 said 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. Any revoked MSBs have 30 days to request a review to have it overturned.
Minister of Finance François-Philippe Champagne said in a statement on Tuesday that it is part of the government’s latest effort to combat money laundering, with FINTRAC also “strengthening enforcement and increasing transparency on compliance actions.”