Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) has revoked the registrations of 50 money services businesses (MSBs) this year, with 47 of them being directly linked to cryptocurrency operations. The country's Minister of Finance has stated that the government will continue to ramp up enforcement.
He noted that the recent revocation of 23 registrations marks a "significant acceleration in the pace of enforcement actions, and our government will maintain this momentum."
The Minister of Finance added, "Our government will continue to monitor and take new measures to address the risks posed by virtual currency businesses, such as crypto MSBs and crypto ATMs, which can be used for money laundering and fraud."
Unlike traditional financial systems like wire transfers, which have long been used for money laundering and fraud due to their scale and widespread adoption, the decentralized and anonymous nature of cryptocurrencies has made them a focal point for regulators.
Late last year, two cryptocurrency platforms were fined for non-compliance.