The Royal Canadian Mounted Police (RCMP) have executed the country’s largest cryptocurrency seizure to date, recovering more than $56 million CAD in crypto from the exchange TradeOgre.

The move not only marks a record seizure but also the first time Canadian police authorities have dismantled a cryptocurrency trading platform, the RCMP said in a press release.

According to the authorities’ Eastern Region division, the seizure followed a year-long probe by the Money Laundering Investigative Team (MLIT). The case began in June 2024 after a tip from Europol came in, which flagged the platform’s alleged non-compliance with Canadian law.

Investigators determined that TradeOgre had failed to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business and neglected to verify the identities of its clients, the authorities claim.

The RCMP allege that most of the funds passing through TradeOgre stemmed from illicit sources. By offering anonymous account creation, the platform provided an easy gateway for organized crime groups seeking to conceal the origins of their money, they claim.

“The transaction data obtained from the platform will be analyzed and charges may follow. The investigation is ongoing,” RCMP wrote in their press release.