RCMP Makes Canada’s Largest Crypto Seizure and Shuts Down TradeOgre Exchange

_{Photo credit: PV productions / Shutterstock.com}

The Royal Canadian Mounted Police (RCMP) has announced the seizure of digital assets with an estimated value of more than CAD $56m (US$40.5m), the largest of its kind in Canadian history. 

The assets were recovered from TradeOgre, a global cryptocurrency exchange where the majority of its funds are alleged to have come from illicit sources. It is unclear what will happen to the seized assets.

According to the Quebec RCMP, the record-breaking operation followed a year-long investigation by their Money Laundering Investigative Team (MLIT), launched in June 2024 following a Europol tip. TradeOgre’s digital infrastructure is believed to have been located in Beauharnois, southwest of Montreal.

Investigators allege TradeOgre operated without proper registration as a money-services business with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC), failed to implement identity verification for users, and hid sources of funds, allowing for exploitation by money launderers and other criminals.  

Quebec RCMP Sergeant Mathieu Lagarde is quoted by The Globe and Mail as saying the police believe TradeOgre was being operated by a man in the United States who had recently died, with no other representatives known to police.

The case is also the first time Canadian authorities have shut down a cryptocurrency exchange as part of an enforcement action. No arrests have yet been reported. The RCMP says analysis of TradeOgre transaction data is ongoing, and criminal charges may follow.