Federal police target faceless crypto trading in Canada
The Royal Canadian Mounted Police (RCMP) has seized more than $56 million in cryptocurrency from TradeOgre, marking the largest seizure of its kind in Canadian history and the first dismantling of a cryptocurrency exchange platform by Canadian law enforcement.
In a statement released Thursday, the RCMP’s Federal Policing Eastern Region said the investigation began in June 2024 after a tip from Europol. The force’s Money Laundering Investigative Team (MLIT) later determined that TradeOgre violated Canadian laws by failing to register as a money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and by not verifying the identities of its users.
“Investigators have reason to believe that the majority of funds transacted on TradeOgre came from criminal sources,” the RCMP stated. “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.”
A warning message posted on the TradeOgre website now reads: “This site and its cryptoassets have been seized by the RCMP,” according to screenshots shared by Global News.
The seizure follows months of online speculation. Concerns circulated on Reddit in late July, when users reported being unable to access their assets or contact the platform. Around the same time, cryptocurrency analysis publication The Rage reported that all funds from TradeOgre had been transferred to an address “allegedly controlled by the Canadian government,” accompanied by a message stating, “Crypto assets controlled by the RCMP.”
TradeOgre, which launched in 2018 and was reportedly based in California, was known for catering to users of Monero, a cryptocurrency marketed as private and untraceable. According to blockchain education platform BitDegree, TradeOgre recorded a trading volume of more than US$1.9 billion in the seven days prior to its shutdown, though recent activity had dropped to zero.
The RCMP said transaction data obtained from the platform will undergo further analysis, and charges may follow. The investigation remains ongoing, according to the RCMP.
Authorities are urging anyone with information related to suspected money laundering activities to contact the RCMP or their local police station.
