Supporters of the crypto change TradeOgre have voiced criticism after Canadian authorities took management of the platform and its digital property.
Many argued that the choice unfairly impacted common customers, not simply these suspected of criminal activity.
The Royal Canadian Mounted Police (RCMP) introduced on September 18 that they’d seized round 56 million Canadian {dollars} (about $40.6 million USD) from the change.
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TradeOgre had gained consideration for permitting customers to commerce with out offering identification.
The RCMP acknowledged that the platform was taken down after it allegedly did not adjust to rules and register with FINTRAC, Canada’s monetary watchdog.
The police claimed that lots of the funds transferring by way of the change got here from illegal sources and that the dearth of identification checks made it simpler for criminals to cover the origins of their cash.
Authorities stated the investigation started in June 2024, following a tip from Europol. The RCMP additionally described the operation as the primary occasion in Canada the place police have shut down a crypto change solely.
Nonetheless, critics argued that many harmless customers misplaced entry to their funds and that the police’s method was too broad.
Issues have additionally been raised about how centralized exchanges deal with consumer property and whether or not people ought to as a substitute maintain their very own cryptocurrency by way of private wallets.
TradeOgre turned common for itemizing smaller, lesser-known, and privacy-focused tokens that bigger platforms usually neglected.
In the meantime, Athena Bitcoin
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, an organization that operates cryptocurrency ATMs, was just lately accused of gathering hidden charges and failing to guard customers from fraud. How did the case unfold? Learn the complete story.
