CBC • Toronto Star • La Presse
Toronto
Cash pickup without ID verification
Montreal
Offered cash delivery with no identification
A joint investigation by CBC/Radio‑Canada, the Toronto Star and La Presse found crypto‑to‑cash services in Canada offering large cash payouts with almost no customer verification.
Undercover reporters were able to walk into a
and pick up US$1,900 from an exchange of tether without providing ID
Other unregistered platforms contacted by reporters offered to deliver
none asked for identification to Montreal in exchange for cryptocurrency, and
"These crypto‑to‑cash services are creating a Wild West for money laundering."
Joseph Iuso of the Canadian Money Services Business Association notes that FINTRAC lacks the resources to supervise more than 2,600 registered money‑services businesses, let alone unregistered ones.
Registered Businesses
FINTRAC oversight challenge
ID Required Threshold
Regulatory requirement
Direct Violations
AML regulations breached
