Canadian Regulators Revoke Registration of 23 Cryptocurrency Enterprises in Single Action

DeepFlowTech · 2026-03-18T14:18:04+00:00

Canada's financial intelligence agency FINTRAC has taken concentrated enforcement action against 23 crypto-related service enterprises, revoking their registration in one go as anti-money laundering regulatory efforts intensify. The Finance Minister indicated this represents an acceleration in enforcement pace, involving two foreign enterprises.

DeepFlowTech

2026-03-18 14:18:04

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Deep Tide TechFlow News, on March 18, according to Decrypt, Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) took coordinated enforcement action against 23 money services businesses (MSBs) providing cryptocurrency-related services, revoking all their registrations at once, marking a further escalation in Canada’s anti-money laundering regulation efforts.

Canadian Finance Minister François-Philippe Champagne issued a statement calling this action a “significantly accelerated enforcement pace” and said the government will continue to maintain this momentum. Among the businesses whose registrations were revoked, two are foreign-based—Finast registered in Slovakia and Commerce Plex registered in the UK—both of which operate traditional currency exchange and transfer services.

According to FINTRAC’s official website, the reasons for revoking registration include failure to respond to information requests in a timely manner, non-compliance with registration requirements, and failure to update relevant records promptly.

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