RCMP Seizes Record C$56M Cryptocurrency Dismantling TradeOgre Exchange

The Royal Canadian Mounted Police (RCMP) have seized over $56 million CAD from the cryptocurrency exchange TradeOgre, marking the largest crypto seizure in Canadian history and the first time Canadian law enforcement has dismantled a cryptocurrency exchange. The investigation, initiated in June 2024 following a tip from Europol, found that TradeOgre operated without registering with Canada's financial regulatory body FINTRAC and failed to identify its clients. The platform's anonymity features attracted criminal organizations, facilitating money laundering by hiding the source of funds. While no arrests have been announced yet, the RCMP indicated that charges may follow after analyzing the transaction data. The seizure highlights growing law enforcement efforts to tackle illicit activity in the digital asset space. TradeOgre's shutdown underscores regulatory challenges posed by unregulated crypto exchanges used for criminal purposes.