Canada's Financial Transactions and Analysis Centre (FINTRAC) revoked registrations of 23 cryptocurrency money services businesses Tuesday, escalating anti-money laundering enforcement. Two firms operated from foreign jurisdictions: Finast, registered in Slovakia, and Commerce Plex, based in the UK.
This follows record-breaking fines imposed by FINTRAC on KuCoin ($14 million) in September 2025 and Cryptomus ($126 million) for severe AML violations, including links to child exploitation and ransomware.
Finance Minister François-Philippe Champagne confirmed the government will 'maintain this momentum' in addressing risks from crypto businesses and ATMs.