Canada Cracks Down on Non-Compliant Crypto Firms

Canada's financial intelligence agency FINTRAC has been cracking down on cryptocurrency-related businesses, revoking 50 money services business registrations in 2026. The majority of these registrations, 47 out of 50, were tied to cryptocurrency operations, including exchanges, ATM operators, and payment processors.

The move is part of a global trend towards stricter oversight of crypto service providers. FINTRAC's registry now shows hundreds of historical revocations, with a noticeable concentration tied to virtual currency services in recent updates.

Under Canadian law, any business dealing in foreign exchange, money transfers, or virtual currency must register as a money services business to operate legally. Registration is not a stamp of approval but a mandatory compliance step tied to strict reporting, record-keeping, and customer verification requirements.