According to Decrypt, Canada’s financial intelligence unit, the Financial Transactions and Reports Analysis Centre (FINTRAC), launched a coordinated enforcement action on Tuesday against 23 money services businesses (MSBs) offering cryptocurrency-related services, revoking all of their registrations at once—marking a further escalation in Canada’s anti-money laundering oversight. Finance Minister François-Philippe Champagne issued a statement characterizing the action as a "significantly accelerated enforcement pace" and affirmed that the government will maintain this momentum. Among the revoked registrants were two foreign-based entities: Finast, registered in Slovakia, and Commerce Plex, registered in the United Kingdom—both of which also operated traditional currency exchange and transfer services. According to FINTRAC’s website, the registrations were revoked due to compliance violations, including failure to respond to information requests in a timely manner, failure to meet registration eligibility criteria, and failure to update required records promptly.
Canada's FINTRAC Revokes the Registration of 23 Crypto Firms in Major Enforcement Action
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Summary
Canada’s FINTRAC revoked the registration of 23 crypto compliance-focused businesses in a major enforcement action. The move targets firms that failed to meet crypto compliance standards, including unresponsive records and outdated filings. Two foreign firms—Finast and Commerce Plex—were also affected. This action is part of ongoing developments in cryptocurrency regulation under Finance Minister François-Philippe Champagne.
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