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Canada's regulatory agency has revoked the registration of 23 cryptocurrency companies in one go
According to Decrypt, Canada's financial intelligence agency, the Financial Transactions and Reports Analysis Centre (FINTRAC), took centralized enforcement action on Tuesday against 23 money service businesses (MSBs) that provide cryptocurrency-related services, revoking all of their registrations at once, marking a further escalation of Canada's anti-money laundering regulatory efforts.
Canadian Finance Minister François-Philippe Champagne issued a statement characterizing this action as a "significant acceleration of enforcement pace," and stated that the government will continue to maintain this momentum. Among the revoked registrations, two companies are from abroad—Finast, registered in Slovakia, and Commerce Plex, registered in the UK, both of which also operate traditional currency exchange and transfer services.
According to FINTRAC's official website, the reasons for the revocation of registration include: failure to respond to information requests in a timely manner, non-compliance with registration eligibility conditions, and failure to update relevant records in a timely manner, among other compliance violations.
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