Canada’s RCMP closes TradeOgre, seizes $40M in country’s largest crypto bust

Canada’s RCMP has shut down the TradeOgre crypto exchange and seized $40 million worth of crypto assets, in what is described as the first crypto exchange closure and the largest asset seizure in Canadian history. According to the RCMP statement, RCMP Federal Policing – Eastern Region carried out the seizure as investigators specialising in financial crime, cybercrime and cryptocurrencies recovered an estimated sum of over 56 million dollars from the platform.

TradeOgre was known for listing niche, low-cap and privacy-focused coins such as Monero and Pirate Chain and operated with a minimalist interface that did not require users’ identity verification (no KYC). The RCMP says the platform failed to register with FINTRAC and ignored client ID rules, with most funds reportedly coming from criminal activity and laundered through anonymity.

The probe, which followed a June 2024 investigation by the Canadian Money Laundering Investigative Team, led to the shutdown as the investigation continues and charges may follow. Follow-up details remain pending as authorities analyse transaction data.