Canada makes largest cryptocurrency seizure in history

• Canadian police seize $40 million in cryptocurrency
• TradeOgre operated without a license and without mandatory KYC
• Investigation began after Europol tip-off in 2024

The Royal Canadian Mounted Police (RCMP) announced the seizure of approximately $40 million in cryptocurrency from the unregistered exchange TradeOgre, marking the largest operation of its kind ever conducted in the country. The amount, equivalent to 56 million Canadian dollars, was confiscated in an operation that also resulted in the dismantling of the platform.

According to official statement , the investigation began in June 2024, following a Europol complaint pointing to possible irregularities. The investigation revealed that TradeOgre operated as an unlicensed financial services company and did not require customer identification, violating basic anti-money laundering rules.

"Investigators have reason to believe that the majority of funds transacted on TradeOgre came from criminal sources," the police said. The statement also highlighted that the main attraction of a platform without KYC (Know Your Customer) is the ability to conceal the origin of funds, making it suitable for use by criminal organizations.

Although the operation resulted in the confiscation of assets and the delisting of the brokerage, Canadian police have not yet filed formal charges against individuals associated with the platform. Authorities emphasized that the investigation is ongoing and that new information may be released as the case progresses.

On the exchange's official website, an RCMP notice now appears stating that "this website and its crypto assets have been seized by the RCMP." TradeOgre's last public activity occurred on May 28, 2025, on the social network X, before its services were completely shut down.

The case highlights the increased scrutiny of cryptocurrency exchanges operating outside regulatory frameworks, especially those that do not apply mandatory identification procedures. Authorities believe the seizure reinforces Canada's commitment to combating money laundering schemes linked to the use of cryptocurrencies on unlicensed platforms.