Canada's FINTRAC Takes Down 23 Crypto-Linked Money Service Businesses

(MENAFN- Yolo Wire) FINTRAC, Canada's financial intelligence unit, has revoked the registrations of 23 money services businesses (MSBs) that were linked to cryptocurrency services in the country.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said in a news release that it removed the firms' legal ability to operate in Canada due to their failure to meet regulatory requirements.

Canadian Finance Minister François-Philippe Champagne said the action reflects a broader push by the government to address risks linked to cryptocurrencies such as Bitcoin (CRYPTO: $BTC).

The money services businesses reportedly failed to respond to information requests and update their business details with Canada's federal government.

Money services businesses can also lose their ability to operate in Canada if they are accused or convicted of money laundering, terrorist financing, or other criminal offences.

However, several of the impacted firms had no physical presence in Canada.

One of the money services businesses, Finax, operates from Slovakia while Commerce Plex is based in England.

Champagne said Canada's government is increasing transparency through enforcement actions carried out by FINTRAC.

"This represents a significantly increased pace of action, and our government will maintain this momentum," said the minister.

Bitcoin is currently trading at $72,150 U.S.

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