Canada Seizes $40M in Largest Crypto Crackdown Against TradeOgre

Canadian police have carried out the country’s largest-ever cryptocurrency seizure, confiscating over $40 million from the crypto exchange TradeOgre. According to the Royal Canadian Mounted Police (RCMP), investigators specializing in financial crime, cybercrime, and digital assets dismantled the exchange after uncovering widespread illegal activity.

Authorities revealed that TradeOgre operated without mandatory Know Your Customer (KYC) compliance or proper registration, allowing users to trade anonymously. This lack of oversight made the platform a hub for illicit activity. Investigators believe the majority of its trading volume came from criminal sources, including money laundering, sanctions evasion, and movement of stolen funds.

The RCMP confirmed that the seizure followed a months-long investigation beginning in June 2024, sparked by intelligence shared by Europol. While no arrests have been made yet, the exchange has been fully shut down, signaling Canada’s growing determination to enforce crypto compliance.

Canada has previously issued heavy fines to noncompliant platforms and pursued tax evaders, but this marks a new level of enforcement. By dismantling TradeOgre, officials are sending a clear warning to high-risk crypto exchanges that anonymity and regulatory evasion will not be tolerated.

The crackdown also comes amid increasing warnings from Canadian regulators about crypto-related scams circulating on social media. Analysts suggest this move reflects a broader effort to protect consumers and curb digital financial crimes, though it doesn’t necessarily indicate a sweeping crackdown on the industry as a whole.

Despite the tough stance, Canada has also shown signs of progress in crypto regulation, with initiatives such as the approval of an XRP ETF. For now, the TradeOgre case highlights both the risks of unregulated exchanges and the growing resolve of law enforcement to safeguard the digital asset sector.