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Unregistered Crypto Firms in Canada Facilitate Million-Dollar Cash Deals Without Identity Verification

An investigation uncovered that unlicensed cryptocurrency operations in Canada are processing large cash transactions without conducting required customer identification checks, raising concerns about regulatory compliance.

Summary

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Terms & Concepts
  • Unregistered Crypto Firms: Cryptocurrency businesses operating without proper licensing or regulatory approval from financial authorities.
  • Identity Verification (KYC): Know Your Customer procedures requiring businesses to verify customer identities to prevent money laundering and fraud.