Canadian police raided the "dark exchange" TradeOgre, seizing $40 million in encryption assets.

The Royal Canadian Mounted Police announced on September 19 that they have seized Crypto Assets worth CAD 56 million (USD 40 million) from the unregistered exchange TradeOgre, setting a record for the largest Crypto Assets seizure in the country's history. Police stated that the exchange was suspected of facilitating Money Laundering for criminals and has been completely shut down.

Canada's largest Crypto Assets seizure operation in history

According to the official statement from the Royal Canadian Mounted Police (RCMP), this operation not only seized a large amount of Crypto Assets but also completely dismantled the operations of the TradeOgre exchange. This move marks one of the most severe actions taken by Canadian law enforcement against unregulated cryptocurrency trading platforms.

The statement claims that the country's money laundering investigation team launched an investigation into the exchange in June 2024 based on reports from the European Union Agency for Law Enforcement Cooperation (Europol). The investigation team found that TradeOgre was operating unregistered as a money service business and failed to identify its customers.

The trading platform without identity verification becomes a breeding ground for crime

"Investigators have reason to believe that most of the funds traded on TradeOgre come from criminals. The main appeal of such platforms lies in the fact that they allow users to create accounts without identity verification, thereby concealing the sources of the funds," said the Royal Canadian Mounted Police in a statement.

Exchanges that do not require users to undergo identity verification (KYC) have long been considered a gray area in the crypto assets ecosystem, providing convenience for those who wish to evade regulatory scrutiny. However, this also makes such platforms a breeding ground for money laundering and other financial crimes.

The investigation is still ongoing, and no one has been charged yet

Canadian police have not yet brought charges against anyone related to the exchange platform and have stated that the investigation is ongoing. This suggests that law enforcement may be tracking a broader criminal network or gathering more evidence to bring more serious charges against those involved.

The official website of TradeOgre currently displays a banner from the Royal Canadian Mounted Police, stating: "The website and its Crypto Assets have been seized by the Royal Canadian Mounted Police." The exchange was last active on the social media platform X on May 28, 2025.

Crypto Assets regulation becoming stricter

This action highlights the increasing regulatory scrutiny of crypto asset exchanges by global regulators. In North America and Europe, unregistered exchanges are facing mounting pressure, with law enforcement intensifying efforts to crack down on platforms operating in regulatory gray areas.

For crypto asset investors, this incident has once again sounded the alarm: choosing compliant and regulated exchanges is crucial, as it not only protects one's asset security but also helps avoid inadvertently participating in illegal activities.