Canadian police have carried out the largest crypto seizure in the country’s history, confiscating over $40 million (56M CAD) from the exchange TradeOgre.

Authorities say the platform ignored mandatory KYC and registration rules, letting users trade completely anonymously. According to investigators, most of its volume came from criminal sources, including money laundering and other illicit activity.

The probe began in June 2024 following a Europol tip, and although no arrests have been made, police have fully dismantled the exchange. Officials note this case signals a stronger enforcement push against unregulated crypto platforms in Canada.

This case is a strong reminder that compliance isn’t optional. Exchanges that ignore regulations not only put themselves at risk but also damage trust in the entire crypto industry. Authorities worldwide are tightening oversight, and platforms that want to survive must adapt — offering both security and transparency.

Despite the crackdown, regulators are not moving to ban crypto altogether — the country has even approved products like an XRP ETF — but noncompliant exchanges now face sharper consequences.