RCMP Confiscates a Staggering $56 Million in Cryptocurrency
The Royal Canadian Mounted Police (RCMP) has made a significant breakthrough in its fight against money laundering, seizing over $56 million in cryptocurrency from the TradeOgre platform. This operation marks the first time a cryptocurrency exchange platform has been dismantled by Canadian law enforcement.
The investigation, led by the Money Laundering Investigative Team (MLIT), was initiated in June 2024. The RCMP has found that TradeOgre contravened Canadian laws and regulations, including failing to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business and not identifying its clients.
Investigators believe that the majority of funds transacted on TradeOgre may be from criminal sources, attributed to criminal organizations. However, no specific group or individual names have been disclosed. The platform also hid the source of funds and did not require users to identify themselves to make an account.
The RCMP encourages anyone with information on the illegal activities of individuals or groups associated with TradeOgre to contact them at 514-939-8300 or 1-800-771-5401. They also encourage visiting local police stations to provide information.
Charges may follow the investigation, but the RCMP has not yet provided any specific details on the ongoing investigation or potential charges. The investigation is still active, and the RCMP is actively seeking more information.
This seizure is the largest operation of its kind in Canadian history and underscores the RCMP's commitment to combating money laundering and protecting the integrity of Canada's financial system. This tactic, commonly used by criminal organizations for money laundering, is a reminder of the importance of regulatory compliance in the cryptocurrency industry.
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