Canadian regulators revoke the registration of 23 crypto companies

CoinFeed reported on March 19 that, according to Decrypt, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) revoked the registrations of 23 cryptocurrency service providers in an enforcement action. The Canadian Minister of Finance stated that this crackdown marks a "significant acceleration in the pace of action," and the government will maintain this momentum. Two of the affected companies operate entirely in foreign jurisdictions. The FINTRAC website indicates that registrations can be revoked due to various compliance failures, including failure to respond promptly to information requests, ineligibility for registration, and failure to update records in a timely manner. This enforcement action comes amid increasingly stringent regulations on cryptocurrency compliance in Canada. The Minister of Finance stated that the government will continue to monitor and implement new measures to address the risks posed by cryptocurrency businesses, such as cryptocurrency MSBs and crypto ATMs.