Canadian police seized 56 million USD in cryptocurrency from TradeOgre, asserting tighter regulation

The Royal Canadian Mounted Police #Canada (RCMP) has just announced the seizure of 56 million CAD (approximately 40.5 million USD) in cryptocurrency after shutting down the TradeOgre exchange for non-compliance with anti-money laundering regulations. This is the largest crypto seizure in Canadian history, sending a strong message that authorities are increasingly tightening regulation over digital financial platforms.

The target is exchanges lacking transparency

The RCMP stated that they acted after receiving reports from European authorities. #TradeOgre allowed users to trade without identity verification, a "common tactic used by criminal organizations to launder money," according to the RCMP's statement. The website of this exchange has now been sealed and displays a notice that it has been seized by the police.

A lesson for platforms & users

This incident serves as a wake-up call for both exchanges and users. Cryptocurrency platforms that do not comply with regulations will face severe legal consequences. At the same time, it illustrates the necessity of international cooperation in combating financial crime. Although TradeOgre ceased operations two months ago and many users suspected this was an "exit scam," the police's involvement has clarified the cause. This incident affirms that decentralized platforms cannot escape legal scrutiny, and choosing a reputable, compliant exchange is extremely important for investors. #scam