Bitcoin News Update: Canadian Cryptocurrency Gaps Fuel $1.3 Billion Rise in Money Laundering
- Canada's unregulated crypto-to-cash services enable $1.3B in money laundering via 20+ unregistered operators bypassing ID checks. - Binance faces scrutiny for channeling $1.3B from Cambodian/North Korean cybercrime into its platform despite $4.3B U.S. settlement. - Canada's 3,000+ Bitcoin ATMs and under-resourced FINTRAC create enforcement gaps, mirroring Hong Kong's $2.5B crypto laundering risks. - 2025 regulations require stablecoin reserves and $10M oversight funding, alongside $56M CAD seizures from
Canada’s crypto-to-cash operations have come under heavy regulatory examination as ongoing investigations expose widespread loopholes that facilitate money laundering, leaving authorities struggling to keep up with the fast-evolving, largely unregulated digital asset sector. An undercover investigation recently uncovered more than 20 crypto-to-cash businesses running without registration nationwide, many of which skipped standard ID verification,
The situation has intensified following disclosures that Binance, the largest crypto exchange globally,
Canada’s regulatory difficulties are further complicated by its position as a leading location for
In light of these issues, Canada is moving forward with its most extensive crypto regulations yet, including stablecoin guidelines inspired by the U.S. GENIUS Act. The 2025 federal budget will mandate that stablecoin issuers hold full reserves and establish strong risk management frameworks, with the Bank of Canada dedicating $10 million to regulatory oversight
This crisis has also reignited discussions about the impact of high-leverage trading on market volatility. A recent 24-hour period saw liquidations surpass $1.1 billion—mostly from long positions—drawing parallels to the FTX collapse in 2022, as Bitcoin’s value fell by more than 22% from its October high. While Kraken CEO Michael Sethi minimized concerns over the price drop,
As regulators work to address these problems, the future of the industry depends on finding a balance between fostering innovation and ensuring accountability. With Canadian authorities taking action—such as the confiscation of $56 million CAD from TradeOgre—in a crackdown on illegal operators
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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