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Canada's financial intelligence unit, the Financial Transactions and Analysis Centre (FINTRAC) pulled the registrations of 23 cryptocurrency service providers in a single enforcement action Tuesday, marking an escalation in the country's anti-money laundering efforts targeting digital asset businesses.
The country’s Minister of Finance, François-Philippe Champagne, announced the news in a statement Tuesday, noting that the crackdown marks “a significantly increased pace of action,” and adding that the Canadian government “will maintain this momentum.”
Two of the affected businesses operated entirely from foreign jurisdictions—Finast, registered in Slovakia, and Commerce Plex, registered in the UK. Both companies also offered traditional currency exchange and money transfer services alongside their crypto operations.
According to the FINTRAC website, registrations can be revoked for a range of compliance failures, including failure to respond to information requests on time, ineligibility for registration and failure to update records in a timely manner.
The enforcement action follows Canada's increasingly strict approach to cryptocurrency compliance, including FINTRAC's record $14 million ($19.5 million CAD) penalty levied against crypto exchange KuCoin in September 2025 for anti-money laundering violations.
That record was shattered just a month later when FINTRAC imposed a $126 million ($176.9 million CAD) fine on crypto platform Cryptomus over its failure to report suspicious transactions linked to child exploitation, ransomware, and sanctions evasion.
"Our government will continue to monitor and pursue new measures to address risks posed by virtual currency businesses, such as cryptocurrency MSBs and crypto ATMs, which can be used to facilitate money laundering and fraud,” Champagne said.
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