Canada Cracks Down on Cryptocurrency Businesses Amid Money Laundering Concerns

Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) has taken a significant step in its efforts to combat money laundering and fraud by revoking the registrations of 50 money services businesses (MSBs) in 2026. This move follows the agency's previous actions, which have included fining several cryptocurrency platforms for alleged violations.

According to FINTRAC, the revoked MSB registrations include 47 related to cryptocurrency, highlighting the growing concern over the use of virtual currencies for illicit activities. The government has emphasized its commitment to maintaining a 'significantly increased pace of action' in addressing these risks.

The revocations are part of a broader effort to strengthen enforcement and increase transparency on compliance actions. Minister of Finance François-Philippe Champagne stated that the government will continue to monitor and pursue new measures to address the risks posed by virtual currency businesses, including cryptocurrency MSBs and crypto ATMs.