The RCMP confirmed today that they had seized $56 million in crypto from the TradeOrgre crypto exchange. According to the police authority, the platform was allegedly involved in money laundering activities for criminal organizations.
RCMP revealed that it was the first incident of dismantling a cryptocurrency exchange, citing that the exchange had been operating outside Canadian laws. The police statement showed that TradeOgre failed to register with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) as a money services business and ignored identity verification of its clients. Due to the lack of basic safeguards, investigators were led to believe the exchange was the preferred tool for criminal activities involving money laundering.
RCMP action against TradeOgre highlights risks of unregulated crypto platforms
Europol, a European Union law enforcement cooperation agency, alerted the Canadian police authority in June 2024 of suspicious activities connected to the TradeOgre platform, triggering the investigation. During the investigation, Canadian authorities were led to believe that TradeOgre’s anonymous behavior was the main lure for laundering operations by allowing new users without background or identity checks. According to the police authority statement, such features enabled users to hide the origin of funds, describing the technique as often used by organized crime groups. Investigators alleged that most of the transactions across the platform were related to criminal proceeds; hence, the seizure is pending further investigation.
NEWS RELEASE 📰 The largest cryptocurrency seizure in Canadian history has just taken place. An estimated sum of 56 million dollars was recovered from the illegal platform Tradeogre. ➡️ https://t.co/zr7B3Qr67I pic.twitter.com/p0aDDP35dc
— Quebec RCMP (@rcmpqc) September 18, 2025
The RCMP online post confirmed that the seizure was carried out by the RCMP Federal Policing Eastern Region, which investigators from the financial crime department supported. The RCMP revealed that dismantling the exchange was a step forward in disrupting criminal organizations using digital platforms to move illicit funds.
The TradeOgre platform posted a warning message informing its users of the seizure by Canadian police authorities. As of now, investigations remain ongoing with a possible indictment along the way. The police confirmed that the operation has shed more light on the activities of the criminal networks exploiting unregulated exchanges. It also urged the public to share any information related to illegal activities with the authorities, with direct contacts available through dedicated hotlines or local police departments.
Cryptocurrency exchanges are required to register with FINTRAC and enforce Know-Your-Customer (KYC) requirements to comply with Canadian laws. According to the authorities, such measures are critical to preventing virtual assets from being misused for laundering schemes. TradeOgre will therefore remain inactive pending further investigations.
The latest dismantling of TradeOgre’s exchange mimics the wider trend of law enforcement agencies targeting criminal organizations worldwide involved in financial crimes via digital assets.
Cryptopolitan recently reported a similar case in which the Taiwan authorities indicted 14 individuals involved in a major cryptocurrency fraud valued at approximately $75 million. The report showed that the group led by Shi Qiren operated more than 40 franchise outlets under the umbrella of CoinW and BiXiang Technology Co, Ltd, which lured over 1500 victims into false investments.
The scheme was initiated last year when the group began channelling funds through unlicensed money service providers. The Taiwan police were able to seize cash and digital assets, including $1.97 million and 640,000 USDT tokens. They were also able to seize luxury vehicles and another $3.25 million. The Taiwan police insisted that the case should serve as a warning to future actors and restore investor confidence.
RCMP demonstrated their ability to target not just individuals but also infrastructures used in financial crime. Such incidents of laundering activities via unlicensed crypto exchanges show how gaps in regulatory frameworks and compliance may affect the success of fraudulent activities. Therefore, law enforcement is expected to evolve in the scope of its efforts to target online infrastructures used by criminals.
If you’re reading this, you’re already ahead. Stay there with our newsletter.
Source: https://www.cryptopolitan.com/rcmp-seizes-56m-in-cryptocurrency/