Canada targets crypto firms with increased regulatory action

Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) has revoked the registrations of 50 money services businesses so far this year, 47 of which were related to crypto. On Monday it cancelled 23 MSB registrations; any revoked MSBs have 30 days to request a review to have the decision overturned.

Minister of Finance François-Philippe Champagne said the moves are part of the government's latest effort to combat money laundering, with FINTRAC also “strengthening enforcement and increasing transparency on compliance actions.” He added that the 23 cancellations represented “a significantly increased pace of action, and our government will maintain this momentum.” “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.

Near the end of last year FINTRAC fined crypto platform Cryptomus $126 million and crypto exchange KuCoin $14 million.

Canada

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