Canadian regulators have revoked the registration qualifications of 23 cryptocurrency companies.

Techub News reported, according to Decrypt, that the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) revoked the registrations of 23 cryptocurrency service providers in an enforcement action. Among the affected businesses, two were operating entirely in foreign jurisdictions. FINTRAC's website indicates that registrations may be revoked for various compliance failures, including failing to respond to information requests in a timely manner, not meeting registration eligibility requirements, and not updating records promptly. This enforcement action follows Canada's increasingly stringent approach to cryptocurrency compliance. The Finance Minister stated that the government will continue to monitor and take new measures to address the risks posed by cryptocurrency businesses (such as cryptocurrency MSBs and crypto ATMs).