Canada confiscates $40 million in cryptocurrency after TradeOgre shutdown

Authorities accused the platform of circumventing AML and lacking KYC procedures

Canadian police seizes $40 million worth of cryptocurrency after TradeOgre shut down

19.09.2025 - 12:15

251

3 min

Key points:

Canadian police seized $40,5 million during a crypto investigation.
The TradeOgre platform was not registered with Fintrac and did not conduct KYC.
This is the first time Canadian police have shut down a crypto exchange.

Canadian police have confiscated 56 million Canadian dollars ($40,5 million) worth of cryptocurrencies after closing the TradeOgre exchange. A statement from the Royal Canadian Mounted Police (RCMP) said that bitcoin, Ethereum, XRP, Litecoin, and Tronwere seized during the operation.

Details of the investigation

The operation was the result of an investigation that began in June 2024 after Europol informed the RCMP that the platform was not complying with anti-money laundering (AML) regulations.

Police said TradeOgre violated Canadian law by not registering with Fintrac as a financial services provider and not conducting customer due diligence (KYC). According to investigators, most of the funds on the platform were of criminal origin.

“Investigators have reason to believe that the majority of funds transacted on TradeOgre came from criminal sources. 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.”

According to Arkham, TradeOgre’s funds were transferred to wallets linked to the Canadian government. In four hours, $32 million was transferred there: 126 BTC worth about $15 million and another $17 million in ETH.

SOurce: Arkham

However, despite the confiscation of cryptocurrencies and the shutdown of the platform, the investigation continues. No charges have been brought against the suspects yet.

Author: