Canada's financial intelligence unit, the Financial Transactions and Analysis Centre (FINTRAC) pulled the registrations of 23 cryptocurrency service providers in a single enforcement action Tuesday, marking an escalation in the country's anti-money laundering efforts targeting digital asset businesses.
Two of the affected businesses operated entirely from foreign jurisdictions—Finast, registered in Slovakia, and Commerce Plex, registered in the UK. Both companies also offered traditional currency exchange and money transfer services alongside their crypto operations.
Canada and crypto compliance"Our government will continue to monitor and pursue new measures to address risks posed by virtual currency businesses, such as cryptocurrency MSBs and crypto ATMs, which can be used to facilitate money laundering and fraud,” Champagne said.
