By PAUL O’DONOGHUE, Senior Correspondent

FINTRAC, Canada’s financial intelligence unit, has revoked the registrations of 23 money services businesses (MSBs), all linked to crypto services.

The agency said the action removes the firms’ legal ability to operate in Canada. It can revoke an MSB’s status if a firm fails to meet regulatory requirements.

Canada’s finance minister, François-Philippe Champagne, said the action reflects a broader push to address risks linked to digital assets.

“Our government will continue to monitor and pursue new measures to address risks posed by virtual currency businesses… which can be used to facilitate money laundering and fraud,” he said.

Potential issues for…