RCMP Seizes Over $56 Million in Largest Canadian Crypto Bust
Canada’s Royal Canadian Mounted Police (RCMP) have seized more than $56 million CAD in digital assets. The assets were linked to the crypto exchange TradeOgre. This is the largest cryptocurrency seizure in Canadian history. It is also the first time Canadian police have shut down an illegal crypto trading platform.
Investigation Details and Findings
The RCMP’s Federal Policing division in Eastern Canada led the investigation. The Money Laundering Investigative Team (MLIT) handled the case. It began in June 2024 after Europol shared intelligence about TradeOgre’s suspicious activities.
Investigators found that TradeOgre operated outside Canadian law. The exchange was not registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Registration is mandatory for money services businesses. TradeOgre also failed to verify customer identities, a key anti-money laundering measure.
The RCMP said this lack of oversight made TradeOgre attractive to organized crime groups. Most funds moving through the exchange likely came from illegal activities. The platform’s anonymous accounts helped users hide the origin of their money.
Investigators said, “The main attraction of this type of platform is its ability to hide the source of funds. It is a textbook tool for laundering illicit proceeds.”
Next Steps in the Investigation
Along with seizing the assets, police secured transaction data from TradeOgre. This data is now under analysis. It may lead to criminal charges against individuals or groups linked to the exchange.
The RCMP confirmed, “The transaction data obtained from the platform will be analyzed and charges may follow. The investigation is ongoing.”
This case highlights Canada’s efforts to crack down on unregulated crypto exchanges. It also shows the importance of international cooperation in fighting financial crime. Authorities say the TradeOgre shutdown sends a strong message to illegal crypto platforms.
