Canada Cracks Down on Illicit Crypto-to-Cash Schemes

Regulatory authorities in Canada are investigating illicit crypto-to-cash schemes linked to money laundering, exposing vulnerabilities within the country’s cryptocurrency regulations. These operations involve major exchanges and an Armenian-run cash desk in Toronto, raising concerns among law enforcement and regulatory agencies. 🇨🇦
These schemes reveal weaknesses in current crypto regulations, pose significant financial risks, and demand increased oversight from both governments and exchanges.