Canada revokes 43 crypto firm registrations
Canadian regulators revoked registrations for 43 crypto firms this week, citing AML failures and compliance lapses — a hardline enforcement sweep that raises cross‑border operational risk for services targeting Canadian customers. The move signals stricter entry and continuity standards for North American listings and custody. (gadgets360.com)
FINTRAC revoked the registrations of 23 money‑services businesses that provided crypto‑related services in a single enforcement action dated March 17–18, 2026. (fintrac-canafe.canada.ca)) FINTRAC’s public guidance cites specific grounds for revocation including failure to answer clarification requests within 30 days, ineligibility for registration, failure to update operating information, and failure to provide assistance to the Centre. (fintrac-canafe.canada.ca)) Industry tallies and reporting put year‑to‑date MSB cancellations in 2026 at roughly 47–50 total, with about 47 of those linked to crypto businesses according to multiple outlets, while FINTRAC’s revoked‑registrations page was last modified March 17, 2026. (cointelegraph.com)) Coverage specifically identified two foreign operators among the delisted firms — Finast (Slovakia) and Commerce Plex (United Kingdom) — both reported as providing fiat exchange and money‑transfer services in addition to crypto. (cryptotimes.io)) The enforcement escalation follows earlier record penalties: FINTRAC imposed a C$176,960,190 administrative monetary penalty on Xeltox Enterprises Ltd. (operating as Cryptomus) on October 16, 2025 for widespread AML compliance failures. (fintrac-canafe.canada.ca)) Finance Minister François‑Philippe Champagne described the mass revocations as “a significantly increased pace of action” and stated the government will “maintain this momentum” when announcing the March enforcement steps. (amlintelligence.com))
