https://www.bleepingcomputer.com/news/security/canada-dismantles-tradeogre-exchange-seizes-40-million-in-crypto/

… TradeOgre was a small exchange platform that focused on user privacy and dealt in niche altcoins, as well as the harder-to-trace Monero cryptocurrency; it was known for allowing users not to identify through Know Your Customer (KYC) policies and did not comply with Canadian laws and regulations. … At the end of July, the platform went offline with no messages from its operators, raising suspicions of an exit scam among some users. …

Non-criminal customers of TradeOgre “may have recourse through the Canadian court system if the RCMP decides to pursue the forfeiture of the cryptocurrency in question.”

From a quick google, here’s what KYC entails : https://withpersona.com/blog/kyc-canada

KYC first became a law in Canada in 1991 with the passage of the Proceeds of Crime (Money Laundering) Act, which was notably enhanced in December 2001 as part of a global response to the Sept. 11 terrorist attacks. It was renamed the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

One of the primary objectives of the PCMLTFA is to standardize the following protective measures across an estimated 24,000 businesses in Canada:

Customer identification and verification

Record keeping

Monitoring

Reporting

Which entities are required to follow Canada’s KYC laws?

Canada has an extensive list of entities currently required to follow Know Your Customer (KYC) laws, including:

Money Services Businesses

Real estate brokers (or sales representatives) and developers if transactions exceed C$10,000 (USD$7,300) within 24 hours

Insurance companies if policies exceed C$10,000 (USD$7,300) in life, annuity, or group plans

Professional services, such as law offices and accounting firms

Casinos and gaming establishments if exchange activities exceed C$3,000 (US$2,200) or more in foreign currency, C$1,000 (US$730) or more in local currency exchange, or payouts exceed C$10,000 (USD$7,300) or more in a single transaction or multiple within 24 hours

Fintech if activity involves large transactions over C$10,000 (USD$7,300) within 24 hours

E-commerce if there are age-regulated sales (such as alcohol)

The list also includes banks and other financial institutions undertaking the following activities:

Opening accounts and/or creating signature cards 

Opening credit cards

Supporting trusts with settlors or co-trustees

Facilitating large cash transactions, defined as electronic funds transfers worth C$1,000 (USD$730) or more, foreign currency exchange worth C$3,000 (USD$2,200) or more, and redemption or issuance of C$3,000 or more in traveler’s checks, money orders, or other forms

Cryptocurrency transactions are the most recent allowable activity for certain eligible businesses if they receive more than C$10,000 (USD$7,300) in crypto funds.

I don’t know how many non-criminal customers got caught up in this scheme, but I hope people remember “Ignorantia Juris Non Excusat.”

The topic itself doesn’t normally hit my radar, but I found it interesting… hope others find it interesting as well.

Regards