TREE NEWS reports: Onchain investigator ZachXBT said Canada is one of the three worst-regulated jurisdictions globally, citing weak legal enforcement and rampant abuse. His Nov. 8 Telegram post followed the U.S. Treasury’s Nov. 6 sanctions on eight Canadian over-the-counter brokers, including Nia Nations (NNCE) and Million Exchange (MillionEx). ZachXBT said he had flagged the two to Treasury five months earlier, alleging they were used to launder crypto tied to violent home invasions and extortion.
ZachXBT Calls Canada One of Three Worst Crypto Jurisdictions After US Sanctions on 8 OTC Brokers
AI take
The significance here is less the sanctions themselves than the five-month lag between private flagging and official action, which is the substance of ZachXBT's criticism of Canadian enforcement. The sanctions target OTC brokers allegedly used to move proceeds of violent crime, so the practical effect lands on legitimate Canadian crypto businesses facing heightened counterparty scrutiny. Whether Treasury's action prompts Canadian regulators to close that enforcement gap, or whether the flagged brokers simply relocate, is the open question.
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