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In a sweeping move that raises serious questions about financial freedom and due process, the Royal Canadian Mounted Police (RCMP) announced Thursday that it has seized 56 million CAD (~$40 million) worth of crypto from TradeOgre, a privacy-focused exchange that operated without forcing users to reveal their identities.
What’s the Scoop?
- Record-setting crackdown: The RCMP is calling it Canada’s largest-ever crypto seizure, proudly announcing the takedown of TradeOgre while offering no evidence of criminal wrongdoing by specific individuals. No charges have been filed.
- Privacy = suspicion: According to the RCMP, TradeOgre’s refusal to collect user identity information made it a haven for illicit funds. But critics argue that platforms supporting financial privacy are increasingly being treated as inherently criminal by Canadian authorities – regardless of actual proof.
- Tip-off from Europol: The investigation reportedly began in June 2024 after a tip from Europol. Authorities allege that TradeOgre was operating as an unlicensed money services business and failed to comply with Canada’s financial surveillance rules.
- Site taken offline: Visitors to TradeOgre’s website are now met with an RCMP banner declaring the platform and its assets seized—effectively shutting down the exchange without a trial.
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