Overview
- FINTRAC cancelled 23 money services business registrations tied to crypto in a single coordinated move this week.
- So far in 2026, 50 MSB registrations have been revoked in Canada, including 47 connected to cryptocurrency firms.
- The agency cites failures such as not responding to information requests, ineligibility for registration, and not updating records as grounds for removal.
- Finance Minister François‑Philippe Champagne called the sweep a faster enforcement pace and said the government will keep up momentum, targeting exchanges, crypto ATMs, and offshore operators.
- The crackdown follows record penalties in 2025, including about $126 million against Cryptomus and $14 million against KuCoin for AML compliance lapses.