Canada Tightens Rules on Crypto Companies

FINTRAC, Canada’s money‑watch agency, has cancelled 50 registrations for money services businesses this year—almost all of them crypto‑related.
The latest batch removed 23 new licences on Monday.

Finance Minister François‑Philippe Champagne said the government is stepping up its fight against money laundering.
He praised FINTRAC’s stronger enforcement and clearer compliance steps, and warned that the crackdown will keep going fast.

Crypto ATMs and exchanges can hide illegal money just as old bank transfers do.
Experts say 2‑5% of worldwide GDP is laundered through traditional banks, while only a small fraction—less than 1%—of crypto moves are tied to crime.

• Last year, FINTRAC fined the platform Cryptomus $126 million for missing suspicious‑activity reports and weak policies.
• Earlier, the exchange KuCoin was hit with a $14 million penalty for not registering and for failing to provide required transaction details.

The government says it will keep watching crypto businesses closely and add new rules to stop fraud and laundering.