FINTRAC Revokes Registration Qualifications of 23 Cryptocurrency Companies

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has taken decisive action against 23 money services businesses (MSBs) providing cryptocurrency-related services. On March 18, FINTRAC revoked the registration qualifications of these companies due to compliance issues.

The reasons for the revocation include failure to respond to information requests on time, not meeting registration requirements, and not updating records promptly. This move is part of a 'significant acceleration in the pace of enforcement', according to Canadian Finance Minister François-Philippe Champagne.