Key Highlights
- FINTRAC revoked the registrations of 23 crypto companies, including two foreign-based firms.
- Minister Champagne warned that crypto businesses, including crypto ATMs, must follow rules or face penalties.
- The agency has been enforcing stricter rules, including a record fine against Cryptomus for failing to report suspicious transactions.
Canadian authorities have revoked the registrations of 23 cryptocurrency companies. The country’s financial intelligence unit, the Financial Transactions and Analysis Centre (FINTRAC), said on Tuesday that the move is part of efforts to stop money laundering and illegal financial activities involving digital money.
According to an official statement, Finance Minister François-Philippe Champagne said this is “a significantly increased pace of action” and that the government “will maintain this momentum.”
FINTRAC revokes registration of foreign firms
According to the authorities, two of the companies that were canceled are not based in Canada. Finast operates from Slovakia, and Commerce Plex is registered in the United Kingdom. Both of these companies also provide money exchange and money transfer services along with cryptocurrencies.
FINTRAC explained that registrations can be canceled for several reasons, for instance, not replying to requests for information on time, not meeting registration rules, or failing to keep records updated.
Minister Champagne warned about the risks of virtual currency businesses. He said, “Our government will continue to monitor and pursue new measures to address risks posed by virtual currency businesses, which can be used to facilitate money laundering and fraud.”
Strict rules on crypto firms
This new action is part of the country’s strict approach to its crypto rules. Last October, FINTRAC fined Cryptomus, a crypto platform, $126 million for failing to report thousands of suspicious transactions.
Authorities said that many of these transactions were connected to serious crimes such as ransomware, sanctions evasion, and child exploitation. This fine was the largest in FINTRAC’s history.
All 23 canceled companies were registered as money services businesses (MSBs) under Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
They are required to check their customers, report transactions, maintain records, and have written anti-money laundering plans approved by management. If they do not follow these rules, they can get fines, lose registration, or face criminal charges.
Broader context
The mass cancellation shows that Canada is moving from punishing one company at a time to taking large-scale action.
In February 2026, Minister Champagne told FINTRAC to “mobilize resources” to fight illegal money activities. The government is now focusing on cross-border companies, crypto ATMs, and foreign-based crypto businesses.
Canada has treated cryptocurrency services as part of its regulated financial sector since June 2020. This makes it clear that the country will continue to enforce rules to stop money laundering, fraud, and other crimes linked to digital money.
Also Read: Operation Atlantic: US, UK, Canada Move to Target Crypto Scams
