Canada -- Enforcement Actions Regulatory Overview

The most significant cryptocurrency enforcement actions in Canada over the last 3 years (April 2023–April 2026) primarily involve FINTRAC revocations of unregistered or non-compliant money services businesses (MSBs) and a record RCMP seizure, focusing on AML failures and illicit finance risks. These actions target crypto firms for operating without registration, enabling money laundering, or sanctions evasion, with outcomes including license revocations and asset seizures rather than large monetary penalties.

Key Actions

• Regulator: Financial Transactions and Reports Analysis Centre (FINTRAC)
  Entities Targeted: 23 crypto-linked MSBs (specific names not listed)
  Violation Type: Operating as unregistered money services businesses dealing in virtual currencies, facilitating potential money laundering
  Penalty Amount: None specified (registrations revoked)
  Date: March 2026
  Outcome: Registrations revoked, barring legal operations in Canada[1][4][5][7]
  Source URL: https://www.icij.org/investigations/coin-laundry/canada-revokes-dozens-of-crypto-firms-registrations/ [1]; https://www.amlintelligence.com/2026/03/latest-canadas-fintrac-takes-down-23-crypto-linked-msbs/ [4]; https://www.canada.ca/en/department-finance/news/2026/03/statement-by-the-minister-of-finance-on-canadas-progress-combatting-money-laundering.html [5]

• Regulator: FINTRAC
  Entities Targeted: 12 crypto companies (specific names not listed; Toronto-area firms converting crypto to cash)
  Violation Type: Failure to register with FINTRAC for virtual currency dealings, linked to $120M+ in suspicious transactions including ties to sanctioned entities
  Penalty Amount: None specified (registrations revoked)
  Date: Early 2026 (prior to the March batch)
  Outcome: Registrations struck, part of broader crackdown on ~35 firms[1][7]
  Source URL: https://www.icij.org/investigations/coin-laundry/canada-revokes-dozens-of-crypto-firms-registrations/ [1]; https://www.financemagnates.com/cryptocurrency/canada-tightens-grip-on-crypto-firms-revokes-47-licenses-over-aml-failures/ [7]

• Regulator: Royal Canadian Mounted Police (RCMP) Federal Policing – Eastern Region, in coordination with FINTRAC
  Entity Targeted: TradeOgre cryptocurrency exchange platform
  Violation Type: Failure to register as MSB with FINTRAC; lack of client identification, enabling money laundering
  Penalty Amount: N/A (seizure valued at over $56 million CAD in cryptocurrency)
  Date: Seizure executed September 18, 2025 (investigation opened June 2024)
  Outcome: Record-largest crypto seizure in Canada; platform dismantled by law enforcement[2]
  Source URL: https://rcmp.ca/en/news/2025/09/rcmp-executes-record-seizure-more-56-million-dollars-cryptocurrency [2]

• Regulator: FINTRAC
  Entities Targeted: 47 crypto-related MSBs (cumulative; specific names not detailed)
  Violation Type: AML failures, including unregistered operations
  Penalty Amount: None specified (registrations revoked)
  Date: Since start of 2026
  Outcome: Licenses revoked as part of intensified enforcement[7]
  Source URL: https://www.financemagnates.com/cryptocurrency/canada-tightens-grip-on-crypto-firms-revokes-47-licenses-over-aml-failures/ [7]

Additional context: Canadian Securities Administrators (CSA) maintain a list of banned crypto platforms for securities law violations, but no specific enforcement details, penalties, or dates from 2023–2026 are provided in results[6]. Broader trends include RCMP training on crypto crimes and FINTRAC intelligence sharing, with risks from sanctioned exchanges like Garantex[3]. Search results lack details on fines or civil penalties, emphasizing revocations and seizures instead.