Canada’s financial intelligence unit has revoked 47 cryptocurrency-related money services business (MSB) registrations so far in 2026 as part of an aggressive anti-money laundering campaign.
Finance Minister François-Philippe Champagne confirmed the government will sustain this enforcement momentum. FINTRAC, Canada’s Financial Transactions and Reports Analysis Centre, recently canceled 23 MSB licenses in a single action.
Late last year, FINTRAC fined crypto platform Cryptomus $126 million for failing to report over 1,000 suspicious transactions and neglecting compliance policies. Exchange KuCoin was separately penalized $14 million for operating without proper registration and incomplete transaction reporting.
Champagne emphasized that virtual currency businesses, including crypto ATMs, remain high-risk vectors for fraud and illicit finance-despite data showing less than 1% of crypto transactions involve criminal activity, compared to 2-5% in traditional finance.