TLDR
- RCMP seized $40M in crypto from TradeOgre, a non-KYC platform.
- The investigation into TradeOgre began after a tip from Europol in June 2024.
- TradeOgre failed to meet identity verification requirements for clients.
- The seizure represents the largest cryptocurrency confiscation in Canada’s history.
The Royal Canadian Mounted Police (RCMP) announced that they had seized 56 million Canadian dollars (approximately $40 million) in cryptocurrency from TradeOgre, a non-KYC (Know Your Customer) cryptocurrency exchange. This marks the largest cryptocurrency seizure in Canadian history. The RCMP dismantled the platform, which had been operating without proper registration and failing to identify its customers.
The investigation into TradeOgre began in June 2024, following a tip-off from Europol. The RCMP’s Money Laundering Investigative Team discovered that TradeOgre had been operating as an unregistered money services business. Investigators also uncovered that a majority of the funds transacted on the platform were likely linked to criminal activities.
TradeOgre’s Unlicensed Operations
TradeOgre’s lack of identity verification was a critical issue. According to the RCMP, the exchange allowed users to trade cryptocurrencies without providing any identification, making it easier to conceal the source of funds. This made TradeOgre an attractive option for those seeking to hide the origins of their assets, especially individuals involved in illicit activities.
“The main attraction of such platforms is that they do not require users to identify themselves when making an account, thus hiding the source of funds,” stated the RCMP. The authorities suspect that many of the transactions were connected to illegal activities, such as money laundering or other forms of financial crime.
While no formal charges have been filed against anyone associated with the exchange, the RCMP emphasized that the investigation remains ongoing. The RCMP has not yet named any individuals involved in the operation but confirmed that inquiries will continue as they analyze the seized funds and gather further evidence.
Impact of the Seizure
This seizure represents a significant step in Canada’s ongoing efforts to regulate the cryptocurrency space. The operation underscores the importance of adhering to proper regulations, including ensuring that exchanges comply with KYC and anti-money laundering (AML) rules.
This move is part of a broader trend toward tightening oversight on digital assets to prevent illicit activity.
The RCMP has posted a banner on TradeOgre’s website, indicating that the site and its crypto assets have been seized. The platform’s social media presence, particularly on the X platform, has also been inactive since May 2025, suggesting that the authorities had already closed down the exchange’s operations before the seizure was officially announced.
