Canada revokes dozens of crypto firms’ registrations
Anti-money laundering authorities in Canada have revoked registrations of nearly three dozen cryptocurrency businesses following an investigation by the International Consortium of Investigative Journalists and The Toronto Star.
Last week, Canada’s Financial Transactions and Reports Analysis Centre removed 23 crypto firms from its registry of firms permitted to provide money services in the country. FINTRAC had earlier this month struck registrations of a dozen other crypto companies operating in the country.
The revocations mark a notable uptick in Canadian enforcement actions around money transmitters and an intensifying focus on crypto businesses in particular, according to experts and officials interviewed by the Star.
“This represents a significantly increased pace of action, and our government will maintain this momentum,” Canadian Finance Minister François-Philippe Champagne said in a statement. Champagne vowed to pursue new measures to address risks posed by virtual currency businesses, “which can be used to facilitate money laundering and fraud.”
The actions came after a Star investigation published in November found that dozens of crypto businesses in the Toronto area were not registered with FINTRAC to deal in virtual currencies. Many of these businesses specialize in converting cryptocurrency to physical cash. The Star story, part of ICIJ’s Coin Laundry investigation into dirty money in cryptocurrency, identified a single thoroughfare with 50 businesses advertising crypto services, most of which appeared to be operating unlawfully.
The Star found that two of these operations have used crypto wallets allegedly linked to Iran-backed terror groups.
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