RCMP Conducts Record $56 Million Cryptocurrency Seizure in Canada
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Key Points:RCMP’s historic crypto seizure from TradeOgre unregistered exchange, impacts privacy coins.TradeOgre held $56M crypto assets before shutdown.Incident highlights regulatory focus on crypto anonymity. The RCMP’s Eastern Region has executed Canada’s largest crypto seizure, confiscating over $56 million from TradeOgre, an unregistered platform, after a tip-off from Europol in June 2024. This seizure underscores ongoing regulatory efforts against anonymity in crypto markets, with significant impact expected on privacy coins and the broader digital asset landscape. RCMP’s $56M Action Raises Privacy Coin Concerns The Royal Canadian Mounted Police carried out the seizure following an investigation prompted by Europol in June 2024. TradeOgre, unregistered with FINTRAC, was found to have acquired significant funds likely linked to criminal operations. The exchange, known for trading privacy coins, shut down, affecting countless users. With over $56 million in crypto confiscated, TradeOgre’s closure marks a considerable regulatory advancement in Canada. Significant trading of privacy coins, particularly Monero, on the platform has sparked increased regulatory scrutiny. Updates from regulatory bodies like FINTRAC hint at stricter compliance requirements going forward. “This decisive operation demonstrates our commitment to dismantling illicit financial networks that exploit crypto anonymity.” — RCMP Official Statement, Royal Canadian Mounted PoliceCommunity reactions are mixed, with forums illustrating concerns regarding the permanency of fund losses and uncertainties around related securities. Regulatory bodies continue to push for clarity, impacting the future operations of similar decentralized exchanges. Monero Prices and KYC Compliance Boosted by Seizure Did you know? The shutdown of TradeOgre mimics the 2019 QuadrigaCX incident, yet it uniquely affects privacy coins compared to the broader market impact of the previous case. Monero is reportedly priced at $300.09, sporting a market cap of $5.54 billion, as detailed by CoinMarketCap on September 18, 2025. Its 24-hour trading volume was $101.16 million, experiencing a -19.11% change. Overcoming a recent decline,…
Filed under: News - @ September 19, 2025 2:30 am