A crypto trading platform and its assets have been seized by the RCMP, which alleges it was a vehicle for money laundering.
Federal police said an investigation by its money laundering team found that the platform, TradeOgre, violated Canadian law by failing to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and by not identifying its clients.
The RCMP seized the platform’s website and an estimated $56 million in cryptoassets, representing the largest crypto seizure by Canadian police.
“This also marks the first time that a cryptocurrency exchange platform has been dismantled by Canadian law enforcement,” the force said in a release.
The investigation, which began in June 2024, followed a tip from the European Union Agency for Law Enforcement Cooperation, Europol.
“The transaction data obtained from the platform will be analyzed and charges may follow,” the RCMP said.
“Investigators have reason to believe that the majority of funds transacted on TradeOgre came from criminal sources,” police added. “The main attraction of this type of platform, which doesn’t require users to identify themselves to make an account, is that it hides the source of funds.”