Canadian Police Seize Record $40M in Crypto from Unregistered Exchange TradeOgre

Canadian authorities have carried out the country’s largest-ever cryptocurrency seizure, shutting down digital asset exchange TradeOgre and confiscating 56 million Canadian dollars (about $40 million USD) in crypto assets.

The Royal Canadian Mounted Police (RCMP) announced on Thursday that its Money Laundering Investigative Team dismantled the platform following a probe launched in June 2024. The investigation began after Europol flagged concerns about the exchange’s operations.

RCMP executes record seizure of more than 56 million dollars in cryptocurrency

RCMP Federal Policing – Eastern Region has carried out the largest cryptocurrency seizure in Canadian history. Thanks to the work of investigators specialized in financial crime, cybercrime and cryptocurrencies, an estimated sum of over 56 million dollars was recovered from the platform TradeOgre. This also marks the first time that a cryptocurrency exchange platform has been dismantled by Canadian law enforcement.

Royal Canadian Mounted Police

According to the RCMP, TradeOgre was running as an unregistered money services business and failed to implement basic compliance measures such as customer identification. Investigators allege that the platform became a hub for illicit transactions because it allowed users to trade anonymously without verifying their identities.

“Investigators have reason to believe that the majority of funds transacted on TradeOgre came from criminal sources,” the RCMP said in a statement. “The main attraction of this type of platform, which doesn’t require users to identify themselves, is that it hides the source of funds.”

No charges have been filed yet against individuals linked to the exchange, as the investigation remains ongoing. The RCMP has not disclosed whether criminal proceedings are expected in the coming months.

Visitors to TradeOgre’s official website are now met with a banner stating, “This site and its cryptoassets have been seized by the RCMP.” The exchange’s last public activity was a post on X (formerly Twitter) dated May 28, 2025.

The case underscores growing international cooperation in monitoring unregulated crypto platforms and highlights the risks of using exchanges that do not comply with financial regulations. For Canada, it marks a significant milestone in efforts to crack down on money laundering in the digital asset space.