Canadian Regulator Revokes Registrations of 23 Crypto Firms
Canada’s financial intelligence unit FINTRAC revoked the registrations of 23 cryptocurrency service providers in a single enforcement action, intensifying its anti-money laundering measures. Two of the affected companies, Finast (Slovakia) and Commerce Plex (UK), operated from abroad and provided both crypto and traditional financial services. Registrations are pulled for compliance failures such as not responding to requests or failing to update records. This action reflects Canada’s increasingly strict approach to regulating digital asset businesses, following recent record-setting anti-money laundering penalties against crypto firms KuCoin ($14 million) and Cryptomus ($126 million) for serious compliance violations. The government intends to sustain and expand these efforts to counter financial crime in the crypto sector.
