Supporters of the crypto exchange TradeOgre have voiced criticism after Canadian authorities took control of the platform and its digital assets.
Many argued that the decision unfairly impacted regular users, not just those suspected of illegal activity.
The Royal Canadian Mounted Police (RCMP) announced on September 18 that they had seized around 56 million Canadian dollars (about $40.6 million USD) from the exchange.
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TradeOgre had gained attention for allowing users to trade without providing identification.
The RCMP stated that the platform was taken down after it allegedly failed to comply with regulations and register with FINTRAC, Canada’s financial watchdog.
The police claimed that many of the funds moving through the exchange came from unlawful sources and that the lack of identity checks made it easier for criminals to hide the origins of their money.
Authorities said the investigation began in June 2024, following a tip from Europol. The RCMP also described the operation as the first instance in Canada where police have shut down a crypto exchange entirely.
However, critics argued that many innocent users lost access to their funds and that the police’s approach was too broad.
Concerns have also been raised about how centralized exchanges handle user assets and whether individuals should instead hold their own cryptocurrency through personal wallets.
TradeOgre became popular for listing smaller, lesser-known, and privacy-focused tokens that larger platforms often overlooked.
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