Canada’s financial intelligence unit has revoked the registrations of 50 money services businesses in 2026, with 47 linked to cryptocurrency. The recent cancellation of 23 registrations signals an accelerated enforcement pace against firms the government says can facilitate money laundering and fraud.
Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) has revoked 50 money services business registrations this year. Forty-seven of these were related to cryptocurrency operations.
Minister of Finance François-Philippe Champagne stated this action is part of efforts to combat money laundering. He said the government will maintain this momentum.
“Our government will continue to monitor and pursue new measures to address risks posed by virtual currency businesses, such as cryptocurrency MSBs and crypto ATMs, which can be used to facilitate money laundering and fraud,” Champagne stated. The 23 recent cancellations represent a significantly increased pace of action.
FINTRAC’s latest enforcement follows major penalties against crypto firms last year. The agency issued a $126 million fine against Cryptomus in October for alleged violations including failure to report suspicious transactions.
Exchange KuCoin also received a $14 million penalty in September. It was cited for violations including failing to register as a foreign money services business.
The Financial Action Task Force estimates 2 to 5% of global GDP is laundered through traditional financial systems. By comparison, Chainalysis estimates less than 1% of crypto transactions are linked to illicit activity.
