Canadian police have seized greater than $56 million CAD
in cryptocurrency and shut down a buying and selling platform, marking the nation’s “largest
cryptocurrency seizure in Canadian historical past.”
Yr-Lengthy Investigation
The Royal Canadian Mounted Police (RCMP) stated its
Japanese Area’s Cash Laundering Investigative Staff (MLIT) started probing the
platform in June 2024 after receiving a tip from Europol.
Digital property meet tradfi in London on the fmls25
“RCMP Federal Policing – Japanese Area has carried
out the most important cryptocurrency seizure in Canadian historical past,” the authorities
introduced.
“Due to the work of investigators specialised in
monetary crime, cybercrime, and cryptocurrencies, an estimated sum of over
56 million {dollars} was recovered from the platform TradeOgre.”
The investigation revealed that TradeOgre had not
registered with the Monetary Transactions and Experiences Evaluation Centre of
Canada (FINTRAC) and didn’t confirm buyer identities.
Illicit Funds Alleged
Based on investigators, most funds shifting by
the platform originated from felony exercise. Authorities stated TradeOgre’s
nameless account setup made it a channel for organized crime teams to obscure
the supply of illicit proceeds.
The case marks the primary time Canadian police have
dismantled a cryptocurrency trade. Officers stated the seizure highlights
rising efforts to implement compliance amongst buying and selling platforms and to focus on
money-laundering exercise within the digital asset sector.
Count on ongoing updates as this story evolves.
This text was written by Jared Kirui at www.financemagnates.com.
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