RCMP Shuts Down Crypto Exchange, Seizes $56M in Illicit Digital Assets

The Royal Canadian Mounted Police (RCMP) has executed one of the most significant cryptocurrency seizures in the country’s history, confiscating over $56 million (C$56M) in digital assets from the exchange platform TradeOgre. This operation not only marks the largest crypto seizure in Canadian history but also represents the first instance in which Canadian law enforcement has completely dismantled a cryptocurrency exchange platform. The RCMP’s Eastern Region federal policing division, based in Montreal, confirmed that the investigation began in June 2024 following a tip from Europol, the EU’s policing agency, which alerted the RCMP to the platform’s suspected involvement in money laundering.

TradeOgre, a cryptocurrency exchange founded in 2018 and based in California, operated without registering as a money services business with Fintrac, the Canadian financial intelligence unit. The RCMP noted that the platform did not require users to undergo Know Your Customer (KYC) verification, which allowed it to attract users seeking anonymity. Investigators believe that the majority of funds transacted on TradeOgre were derived from criminal sources, with the platform serving as a conduit for illicit activity. According to an analysis by BitDegree, the exchange previously reported a trading volume of over US$1.9 billion in the last seven days before the shutdown, although it recorded zero transactions in the previous 24-hour period.

The RCMP’s operation included the use of blockchain analytics firm Arkham Intelligence to trace the movement of digital assets. A significant transaction was observed in which all funds from TradeOgre were transferred to an address reportedly controlled by the Canadian government, with the embedded message "Crypto assets controlled by the RCMP" included in the transaction. The RCMP confirmed that these messages were authentic and part of the broader operation. The seized assets include major cryptocurrencies such as Bitcoin, Ethereum, XRP, Litecoin, Tron, and Qubic.

The dismantling of TradeOgre follows a year-long investigation and reflects an increasing global trend of law enforcement agencies targeting unregulated crypto platforms. In August 2025, Canadian and U.S. authorities froze over $300 million in cryptocurrency through two separate initiatives. One, led by the T3 Financial Crime Unit in collaboration with TRM Labs, Tether, and Binance, has already seized over $250 million in illicit assets since its launch in September 2024. The second initiative, involving Chainalysis and Canadian police, blocked $74 million from scam-related wallets. These efforts are part of a broader crackdown on crypto fraud and money laundering.

The RCMP stated that the transaction data retrieved from TradeOgre is currently under analysis, and potential charges may follow. With the exchange now offline and unresponsive to public inquiries, users have raised concerns about the fate of their assets. Some have speculated that the platform may have been the victim of an exit scam. Meanwhile, the broader regulatory landscape is shifting in favor of stricter oversight. In Europe, the Markets in Crypto-Assets (MiCA) regulation has standardized crypto rules across member states, while in the U.S., the newly passed GENIUS Act is expected to increase oversight of stablecoins.

This seizure highlights the growing collaboration between law enforcement and private blockchain firms in combating financial crimes. As the use of cryptocurrencies for illicit purposes increases, authorities are stepping up efforts to ensure compliance with anti-money laundering laws and to protect consumers from fraud. The RCMP’s action against TradeOgre serves as a strong signal that unregistered and anonymous crypto platforms will face increasing scrutiny in the future.