Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) has revoked 50 money services business registrations in 2024, with 47 linked to cryptocurrency operations. The agency’s most recent action cancelled 23 registrations, giving affected businesses 30 days to request a review.
Finance Minister François-Philippe Champagne described the cancellations as representing a significantly increased pace of action, adding that the government intends to maintain momentum. He stated that authorities will continue pursuing measures targeting virtual currency businesses, including crypto ATMs, which can be used to facilitate fraud and money laundering.
FINTRAC has also issued major fines in recent months, including a $126 million penalty against crypto platform Cryptomus in October and a $14 million fine against exchange KuCoin for failing to register as a foreign money services business and other violations.
Originally reported by CoinTelegraph.
