Crypto-to-Cash Risk

Joint Investigation

CBC • Toronto Star • La Presse

$1,900

Toronto

Cash pickup without ID verification

$1M

Montreal

Offered cash delivery with no identification

Crypto-to-Cash Risk

Investigation Findings

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.

Registered money transfer business in Toronto

Undercover reporters were able to walk into a
and pick up US$1,900 from an exchange of tether without providing ID

Up to $1 million in cash

Other unregistered platforms contacted by reporters offered to deliver
none asked for identification to Montreal in exchange for cryptocurrency, and

Regulatory Oversight Challenges

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.

2,600+

Registered Businesses

FINTRAC oversight challenge

$1,000+

ID Required Threshold

Regulatory requirement

Multiple

Direct Violations

AML regulations breached

Crypto-to-Cash Risk

Joint Investigation

$1,900

$1M

Crypto-to-Cash Risk

Investigation Findings

Registered money transfer business in Toronto

Up to $1 million in cash

EXPERT WARNING

Regulatory Oversight Challenges

2,600+

$1,000+

Multiple

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