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Canada Leads in Crypto Regulation: $56 Million CAD Seized as TradeOgre is Shut Down

In a landmark operation, the Royal Canadian Mounted Police (RCMP) has seized over $56 million CAD in cryptocurrency from the exchange TradeOgre.

This marks Canada's largest ever cryptocurrency seizure and the first dismantling of a trading platform by police in the country.

The RCMP's Eastern Region division initiated the seizure following a year-long investigation prompted by a tip-off from Europol regarding the platform's non-compliance with local laws.

TradeOgre was found to be unregistered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and failed to implement customer identity verification.

Authorities assert that a significant portion of the funds involved in TradeOgre transactions originated from illicit activities.

The platform's provision of anonymous accounts allegedly facilitated organized crime by obscuring the sources of their funds.

The RCMP has indicated that transaction data obtained from TradeOgre will undergo further analysis, with potential charges to follow against implicated parties.

This action underscores Canada's commitment to enforcing regulatory measures in the cryptocurrency sector amid growing concerns over illicit activities.

As the investigation continues, the implications for other digital asset platforms operating in Canada remain to be seen.

This major development highlights the increasing scrutiny and regulatory landscape shaping the future of the crypto market in Canada.