The post Canada Cracks Down on Crypto Firms Over Non-Compliance appeared on BitcoinEthereumNews.com. FINTRAC in Canada has revoked registration of 43 crypto businessesThe post Canada Cracks Down on Crypto Firms Over Non-Compliance appeared on BitcoinEthereumNews.com. FINTRAC in Canada has revoked registration of 43 crypto businesses

Canada Cracks Down on Crypto Firms Over Non-Compliance

For feedback or concerns regarding this content, please contact us at [email protected]
  • FINTRAC in Canada has revoked registration of 43 crypto businesses.
  • Canada earlier acted against users of Dapper Labs on suspicion of unpaid taxes.
  • The UK is seeking a ban on political crypto donations.

Canada, in the most recent crackdown, has revoked the registration of over 40 crypto businesses. This is in continuation of its efforts to actively monitor the presence of malicious actors in the industry. It earlier acted against users of Dapper Labs for non-compliance with tax regulations. A similar sentiment is emerging in the UK, except the stance is in its political section.

Canada on Crypto Firms

Registration for as many as 43 crypto businesses has been revoked as a part of broader crackdown by the Financial Transactions and Reports Analysis Centre of Canada. Also known as FINTRAC, Canada’s financial intelligence agency acted on these firms for failing to oblige anti-money laundering and reporting compliances.

FINTRAC earlier imposed a fine of $126 million on Cryptomus, a cryptocurrency platform. It was noted to be non-compliant with relevant procedures along with several alleged violations like non-reporting of suspicious transactions.

Canada is one of the many countries that have intensified monitoring over the crypto segment. The core focus is on supervising AML compliance and reporting of transactions that do not align with national interests. The US, the UK, and Canada have even jointly launched Operation Atlantic.

Dapper Labs in the Picture

Dapper Labs, an NFT venture, came under the scanner towards the end of 2025. The tax authority of Canada acted against almost 2,500 users, accusing them of unpaid taxes worth approximately $54 million, or C$72 million, at that time.

This reportedly falls under the scope of the CRA, or Canada Revenue Agency, which has recovered C$100 million in the last 3 years through audits.

It was last reported that no criminal charges were laid. However, authorities did seek and receive approval to secure information about thousands of users under the unnamed persons requirement. This liberates the company from any wrongdoing while helping tax authorities to get records about an identifiable group of taxpayers.

Scenario in the UK

A similar scenario has come up in the UK, but in the political sector. MPs have sought a ban on crypto donations to political parties, citing concerns about outside or foreign interference. The objective is to strengthen trust in the politics of the nation.

Even though it’s temporary, the ban could go on to hurt the Reform UK party, given that it has received more than £3 million in crypto donations so far. The party could also go through some turmoil because of not sharing crypto wallet addresses of its donors, reportedly.

Highlighted Crypto News Today:

U.S. Court Clears Path for Nevada to Take Action Against Kalshi Prediction Market

Source: https://thenewscrypto.com/canada-cracks-down-on-crypto-firms-over-non-compliance/

Market Opportunity
Chainbase Logo
Chainbase Price(C)
$0,0538
$0,0538$0,0538
+0,20%
USD
Chainbase (C) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

The Channel Factories We’ve Been Waiting For

The Channel Factories We’ve Been Waiting For

The post The Channel Factories We’ve Been Waiting For appeared on BitcoinEthereumNews.com. Visions of future technology are often prescient about the broad strokes while flubbing the details. The tablets in “2001: A Space Odyssey” do indeed look like iPads, but you never see the astronauts paying for subscriptions or wasting hours on Candy Crush.  Channel factories are one vision that arose early in the history of the Lightning Network to address some challenges that Lightning has faced from the beginning. Despite having grown to become Bitcoin’s most successful layer-2 scaling solution, with instant and low-fee payments, Lightning’s scale is limited by its reliance on payment channels. Although Lightning shifts most transactions off-chain, each payment channel still requires an on-chain transaction to open and (usually) another to close. As adoption grows, pressure on the blockchain grows with it. The need for a more scalable approach to managing channels is clear. Channel factories were supposed to meet this need, but where are they? In 2025, subnetworks are emerging that revive the impetus of channel factories with some new details that vastly increase their potential. They are natively interoperable with Lightning and achieve greater scale by allowing a group of participants to open a shared multisig UTXO and create multiple bilateral channels, which reduces the number of on-chain transactions and improves capital efficiency. Achieving greater scale by reducing complexity, Ark and Spark perform the same function as traditional channel factories with new designs and additional capabilities based on shared UTXOs.  Channel Factories 101 Channel factories have been around since the inception of Lightning. A factory is a multiparty contract where multiple users (not just two, as in a Dryja-Poon channel) cooperatively lock funds in a single multisig UTXO. They can open, close and update channels off-chain without updating the blockchain for each operation. Only when participants leave or the factory dissolves is an on-chain transaction…
Share
BitcoinEthereumNews2025/09/18 00:09
Gold continues to hit new highs. How to invest in gold in the crypto market?

Gold continues to hit new highs. How to invest in gold in the crypto market?

As Bitcoin encounters a "value winter", real-world gold is recasting the iron curtain of value on the blockchain.
Share
PANews2025/04/14 17:12
XRP Multi-Year Accumulation Signals Potential 1000% Breakout

XRP Multi-Year Accumulation Signals Potential 1000% Breakout

The post XRP Multi-Year Accumulation Signals Potential 1000% Breakout appeared on BitcoinEthereumNews.com. XRP Builds Multi-Year Base as Whales Accumulate and Volume
Share
BitcoinEthereumNews2026/03/21 00:04