The Royal Canadian Mounted Police (RCMP) has shut down the TradeOgre cryptocurrency exchange and seized more than $40 million believed to originate from criminal activities.
This marks the first time Canadian authorities have shut down a crypto exchange and also represents the largest asset seizure in the country’s history.
TradeOgre was a small privacy-focused exchange dealing in niche altcoins and the harder-to-trace Monero cryptocurrency. It gained notoriety for operating without Know Your Customer (KYC) requirements and failing to comply with Canadian financial regulations. According to the RCMP, the platform was never registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), making it an illegal money services business.
The RCMP’s Money Laundering Investigative Team (MLIT) launched an investigation into TradeOgre in June 2024 after receiving a tip from Europol. By late July, the exchange went offline without explanation, fueling speculation among users of an exit scam. Authorities have now confirmed that they were responsible for the takedown.
“The platform was operating illegally because it failed to register with FINTRAC as a money services business and did not identify its clients,” the RCMP said. Investigators believe the exchange was widely used by cybercriminals to launder money through anonymous cryptocurrencies.
Some customers have pushed back against the move. MetaMask’s Taylor Monahan admitted to using the platform and criticized the seizure, writing, “Very much looking forward to seeing the evidence, and for you to provide recourse to ALL innocent parties you stole money from without notification and without due process.”
The RCMP acknowledged that not all seized assets may be tied to illegal activity, saying it could not confirm whether specific crimes, such as extortion, were conducted on the platform. Authorities added that legitimate customers “may have recourse through the Canadian court system” if forfeiture proceedings move forward.
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Questions regarding the seized funds should be directed to the RCMP’s Money Laundering Investigative Team, the agency said on social media.
