The Royal Canadian Mounted Police (RCMP) have accomplished the nation’s biggest cryptocurrency seizure up to now, convalescing extra than $56 million CAD in crypto from the trade TradeOgre.
The switch no longer simplest marks a fable seizure however additionally the first time Canadian police authorities have dismantled a cryptocurrency buying and selling platform, the RCMP acknowledged in a press liberate.
According to the authorities’ Eastern Blueprint division, the seizure followed a 365 days-lengthy probe by the Money Laundering Investigative Group (MLIT). The case started in June 2024 after a tip from Europol came in, which flagged the platform’s alleged non-compliance with Canadian legislation.
Investigators certain that TradeOgre had failed to register with the Financial Transactions and Reports Prognosis Centre of Canada (FINTRAC) as a money products and companies commercial and neglected to test the identities of its purchasers, the authorities claim.
The RCMP express that nearly all of the funds passing through TradeOgre stemmed from illicit sources. By offering anonymous legend introduction, the platform supplied an effortless gateway for organized crime groups in search of to disguise the origins of their money, they claim.
“The transaction files purchased from the platform will be analyzed and costs can also merely observe. The investigation is ongoing,” RCMP wrote of their press liberate.
