Canadian police have seized more than $56 million CAD
in cryptocurrency and shut down a trading platform, marking the country’s “largest
cryptocurrency seizure in Canadian history.”
Year-Long Investigation
The Royal Canadian Mounted Police (RCMP) said its
Eastern Region’s Money Laundering Investigative Team (MLIT) began probing the
platform in June 2024 after receiving a tip from Europol.
Digital assets meet tradfi in London at the fmls25
“RCMP Federal Policing – Eastern Region has carried
out the largest cryptocurrency seizure in Canadian history,” the authorities
announced.
“Thanks to the work of investigators specialized in
financial crime, cybercrime, and cryptocurrencies, an estimated sum of over
56 million dollars was recovered from the platform TradeOgre.”
The investigation revealed that TradeOgre had not
registered with the Financial Transactions and Reports Analysis Centre of
Canada (FINTRAC) and failed to verify customer identities.
Illicit Funds Alleged
According to investigators, most funds moving through
the platform originated from criminal activity. Authorities said TradeOgre’s
anonymous account setup made it a channel for organized crime groups to obscure
the source of illicit proceeds.
The case marks the first time Canadian police have
dismantled a cryptocurrency exchange. Officials said the seizure highlights
growing efforts to enforce compliance among trading platforms and to target
money-laundering activity in the digital asset sector.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
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