FINTRAC has revoked 50 money services business licences so far in 2026, including 47 tied to crypto (exchanges, wallets, ATMs). The latest batch included 23 newly revoked registrations; affected firms have 30 days to appeal. Authorities cite enforcement of registration, recordkeeping, customer ID and suspicious-transaction reporting to reduce money laundering and fraud. The government is boosting law-enforcement support and planning a new financial-crimes agency. Regulators have also issued large fines (Cryptomus $126M, KuCoin $14M), increasing compliance costs and pressure on smaller crypto firms.

FINTRAC revoked 50 MSB licences in 2026 (47 crypto-related) and recently cancelled 23 registrations; firms have 30 days to appeal. Regulators paired revocations with large fines (Cryptomus $126M, KuCoin $14M) and announced expanded enforcement and a new financial-crimes agency, which raises compliance costs and puts pressure on smaller crypto firms—facts that justify a negative, market-relevant signal.