Canada Cracks Down on Unregistered Crypto Businesses

Canada's cryptocurrency industry is facing increased scrutiny from regulators after FINTRAC revoked the registrations of nearly three dozen businesses.

The move comes amidst growing concerns over money laundering and terror funding risks in the sector, with investigators revealing clusters of unregistered crypto operations in Toronto.

A recent investigation by the International Consortium of Investigative Journalists (ICIJ) and The Toronto Star exposed a significant number of unregulated cryptocurrency businesses operating in the city, many of which were found to be violating Canadian laws governing money services.

FINTRAC's enforcement actions are seen as a major step towards tightening regulatory control over the sector, with experts noting that the agency is attempting to send a clear signal that it is actively monitoring and enforcing compliance within the industry.