Canadian police have shut down the trading platform TradeOgre and seized $40 million worth of cryptocurrency assets

ChainCatcher news, the Royal Canadian Mounted Police (RCMP) announced this Thursday that it has seized cryptocurrency assets worth 56,000,000 CAD (approximately 40,000,000 USD) from the local cryptocurrency exchange TradeOgre.

According to the official statement from the RCMP, this is the largest cryptocurrency seizure operation in the country's history. Canadian police have also shut down the exchange. The statement noted that the country's anti-money laundering investigation team began investigating TradeOgre in June 2024 based on leads from Europol. The investigation found that the exchange was operating as a money service business without registration and had failed to fulfill customer identification obligations. The statement pointed out, "Investigators have reason to believe that most of the funds traded on TradeOgre originate from criminal activities. The core appeal of such platforms, which allow users to open accounts without real-name verification, lies in their ability to conceal the source of funds." Canadian police have not yet laid charges against any individuals associated with the exchange and stated that the investigation is ongoing.