Canadian Authorities Step Up Cryptocurrency Transaction Monitoring
Date: 2025-01-30 Author: Oliver Abernathy Categories: IN WORLD
The center’s analysts have identified key indicators that may indicate the use of digital assets in illicit schemes.
One such indicator is large cryptocurrency-to-fiat exchanges involving newly created accounts. Often, such transactions are accompanied by the use of multiple virtual wallets, which allows criminals to hide the origin and movement of funds before they are cashed out or transferred abroad.
FINTRAC also plans to increase cooperation with cryptocurrency exchanges to monitor deposits in accounts associated with high-risk regions or previously suspected of illegal activity. This step is aimed at preventing the use of cryptocurrency platforms for criminal purposes.
In addition to these measures, the attention to the cryptocurrency sphere is increasing from local regulators. For example, the British Columbia Securities Commission ordered David Smiley, the founder of the ezBtc trading platform, to pay $18.4 million. Smiley was found guilty of fraud with digital assets and defrauding investors.
Thus, Canadian authorities continue to actively work to strengthen control in the field of cryptocurrencies in order to minimize the risks of their use in criminal schemes.
