FINTRAC revokes 82 money-services licences, a seven-fold rise from previous year
Canada’s financial intelligence agency FINTRAC cancelled 82 money-services business licences in 2025-26, up from 12 the year before, as part of a broader crackdown on financial crime.
In its latest annual report, FINTRAC disclosed that it stripped licences from 82 money-services businesses during 2025-26, a rise of more than seven times the 12 licences revoked the previous year and far exceeding the 17 revoked in 2023-24. The agency also levied fines exceeding $198 million against nine firms for violations such as failing to register and not reporting large virtual-currency transactions, highlighted by a $19.6-million penalty on Peken Global Limited (operating as KuCoin).
One investigation led to the RCMP seizing over $56 million in cryptocurrency, the largest such seizure in Canadian history. FINTRAC reported a record number of cases forwarded to police, including a six-fold increase in extortion cases early in the year, many linked to organised crime groups. The report notes that the sector now comprises 3,396 registered operations, up from 2,778 the year before, reflecting the growing challenge of online financial crime.
Why it matters
The surge in licence revocations signals heightened regulatory pressure on firms that could facilitate money laundering and cyber-crime.
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