RCMP Seizes Record C$56 Million in Cryptocurrency, Shuts Down TradeOgre Exchange

The Royal Canadian Mounted Police (RCMP) have carried out the country’s largest cryptocurrency seizure to date, recovering more than C$56 million ($41 million) from the trading platform TradeOgre. The operation not only sets a new national record but also marks the first instance in which Canadian authorities have dismantled a cryptocurrency exchange, according to an RCMP press release.

The Eastern Region division of the RCMP said the seizure followed a year-long investigation led by the Money Laundering Investigative Team (MLIT). The case originated in June 2024 after Europol provided a tip highlighting potential non-compliance by TradeOgre with Canadian law. Investigators concluded that the platform had failed to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business and had neglected to verify the identities of its users.

Authorities allege that the majority of funds flowing through TradeOgre were linked to illicit activity. By allowing anonymous account creation, the platform allegedly served as a convenient conduit for organized crime groups seeking to conceal the origins of their money.

“The transaction data obtained from the platform will be analyzed and charges may follow. The investigation is ongoing,” the RCMP stated in its press release.

This unprecedented seizure underscores Canada’s growing scrutiny of cryptocurrency exchanges and its commitment to combating money laundering through digital assets. TradeOgre’s closure signals that authorities are willing to take decisive action against platforms that fail to comply with regulatory requirements and facilitate anonymous, potentially illicit transactions.

By fLEXI tEAM