RCMP claim record cryptocurrency seizure of $56M in money laundering probe
Global News
The Canadian investigation into TradeOgre began in June 2024, following a tip from the European Union's policing agency Europol to the RCMP's money laundering division.
The RCMP on Thursday said it seized more than $56 million from a cryptocurrency exchange platform authorities accuse of facilitating money laundering, calling it the largest crypto seizure in Canadian history.
“This also marks the first time that a cryptocurrency exchange platform has been dismantled by Canadian law enforcement,” the RCMP’s Eastern Region federal policing division, based in Montreal, said in a statement.
The Canadian investigation into TradeOgre began in June 2024, following a tip from the European Union’s policing agency Europol to the RCMP’s money laundering division.
According to the RCMP, investigators found TradeOgre violated Canadian laws and regulations by not registering with Fintrac as a money services business and did not identify its clients.
“Investigators have reason to believe that the majority of funds transacted on TradeOgre came from criminal sources,” the RCMP statement said.
“The main attraction of this type of platform, which doesn’t require users to identify themselves to make an account, is that it hides the source of funds. This is a common tactic used by criminal organizations that launder money.”
Police added “charges may follow” after the transaction data obtained from the platform is analyzed.
Messages seeking comment from TradeOgre were not responded to Thursday.
