Canada Cracks Down on Crypto Firms with Record Number of License Revocations

Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) has revoked 50 money services business registrations in 2026, including 47 linked to cryptocurrency companies. This represents a significant increase in enforcement activity against crypto firms, with the finance minister vowing to maintain this pace.

The latest cancellations include 23 MSB registrations canceled in a single sweep by FINTRAC on Monday. Businesses whose registration is revoked have 30 days to file a review request to contest the decision.

Finance Minister Francois-Philippe Champagne described the recent action as 'a significantly increased pace of action' and stated that the government will continue to pursue measures targeting cryptocurrency businesses, including crypto ATMs, which he said can be used to facilitate money laundering and fraud.