RCMP Dismantles Crypto’s Secret Player: Loss of Anonymity in $56 Million Confiscation

Canadian law enforcement has conducted the largest seizure of digital currencies in the country’s history, confiscating over $56 million in crypto assets from TradeOgre, an exchange operating without proper registration. The Royal Canadian Mounted Police (RCMP) confirmed this operation, which marks the first instance of a crypto exchange being taken down in Canada. According to the RCMP’s Eastern Region federal policing unit, TradeOgre failed to register as a money services business with Fintrac and did not follow mandatory know-your-customer (KYC) protocols. Authorities suspect that most of the platform’s transactions involved proceeds of crime, with TradeOgre’s focus on user anonymity enabling criminal elements to mask the origin of unlawful funds.

The probe into TradeOgre started in June 2024 after the RCMP’s anti-money laundering team received information from Europol. Canadian officials worked together with financial and cybercrime teams, as well as the blockchain analytics company

Intelligence, to trace illegal transactions through the exchange. Investigators noted that the lack of KYC checks was a major draw for criminal groups using the platform. The enforcement action resulted in the confiscation of over $56 million CAD (around $40 million USD), and the RCMP reported that these assets have been transferred into government-controlled digital wallets.

Established in California in 2018, TradeOgre gained traction by supporting privacy coins like Monero and quickly listing emerging altcoins. Its appeal to users who prioritized privacy and minimal regulation also attracted those engaged in unlawful activities. By July 2025, rumors about TradeOgre’s shutdown began to circulate on social networks such as

, with users noting they could no longer access the site and that support staff were unresponsive. Blockchain experts later verified that assets tied to the exchange were transferred to wallets containing notes like “Crypto assets controlled by the RCMP,” matching the police’s statements about the seizure.

While no charges have been announced so far, the RCMP stated that it will review the transaction records obtained during the operation to decide whether criminal prosecutions are warranted. TradeOgre’s lack of KYC procedures and failure to register with Canadian authorities have once again highlighted the dangers posed by unregulated crypto platforms. This action by the RCMP demonstrates Canada’s increasing focus on enforcing regulatory requirements for digital asset exchanges, which is in line with a global trend toward stricter oversight and enforcement in the cryptocurrency space.

In recent months, agencies from Canada and the United States have worked together on several major operations targeting crypto-related offenses. These efforts have resulted in the recovery of more than $300 million in assets linked to fraud and money laundering, as well as the freezing of thousands of fraudulent wallets under projects like Project Atlas and Operation

. The confiscation of TradeOgre’s assets by the RCMP is part of a wider movement by law enforcement and regulators to partner with industry experts in tracking down and shutting platforms that support financial crimes.

This incident also shines a light on the regulatory framework in Canada, where the Canadian Securities Administrators (CSA) have been proactively updating and enforcing rules for crypto exchanges. These regulations require platforms to register with securities authorities, conduct KYC and anti-money laundering checks, and protect client assets. The CSA has previously taken action against platforms that failed to comply, including issuing bans and levying fines. The TradeOgre case is the latest in a series of enforcement steps and highlights the critical role of regulatory compliance as the crypto industry continues to evolve.