The Royal Canadian Mounted Police (RCMP) seized more than CAD $56 million in cryptocurrency from TradeOgre, marking Canada’s largest crypto seizure and the first dismantling of an exchange by domestic law enforcement.

The action, announced Thursday, followed a June 2024 referral from Europol that triggered a Money Laundering Investigative Team probe.

Investigators determined the platform contravened Canadian regulations by failing to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business and by not identifying its clients.

Authorities said this anonymity attracted criminal organizations seeking to launder illicit funds. “Investigators have reason to believe that…