Canadian authorities have seized the TradeOgre trading platform and confiscated $40 million worth of cryptocurrency assets.

BlockBeats News, September 19th, according to The Block, the Royal Canadian Mounted Police (RCMP) announced this Thursday that they have seized approximately 56 million Canadian dollars (about 40 million US dollars) worth of crypto assets from local cryptocurrency exchange TradeOgre.

According to the official statement from the Royal Canadian Mounted Police, this is the largest cryptocurrency seizure in the country's history. Canadian authorities have also shut down the exchange platform.

The statement mentioned that the country's anti-money laundering task force began investigating TradeOgre in June 2024 based on leads from the European Union Agency for Law Enforcement Cooperation. The investigation revealed that the exchange was operating as a money service business without being registered and was not fulfilling customer identification obligations.

The statement stated: "Investigators have reason to believe that the majority of funds traded on TradeOgre are derived from criminal activity. The core attractiveness of such platforms, which allow account opening without real-name verification, lies in their ability to conceal the source of funds."

The Canadian authorities have not charged any individuals associated with the exchange platform yet and indicated that the investigation is ongoing.