Canadian regulators revoke the registration of 23 cryptocurrency companies

According to Decrypt, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has revoked the registrations of 23 cryptocurrency service providers in an enforcement action.

The Canadian Minister of Finance stated that this crackdown marks a "significant acceleration in action," and the government will maintain this momentum. Among the affected businesses, two operate entirely in foreign jurisdictions. The FINTRAC website indicates that registrations may be revoked for various compliance failures, including failure to respond to information requests in a timely manner, not meeting registration eligibility, and failure to update records promptly.

Prior to this enforcement action, Canada had been taking an increasingly strict stance on cryptocurrency compliance. The Minister of Finance stated that the government will continue to monitor and take new measures to address the risks posed by cryptocurrency businesses (such as cryptocurrency MSBs and crypto ATMs).