According to Decrypt, Canada's financial intelligence agency FINTRAC revoked registrations for 23 money services businesses (MSBs) providing cryptocurrency-related services on March 18. Canadian Finance Minister François-Philippe Champagne stated that the government will continue to advance measures targeting risks associated with crypto MSBs and crypto ATMs. Information on FINTRAC's official website shows that registrations can be revoked due to compliance issues including failure to respond to information requests in a timely manner, failure to meet registration qualifications, or failure to update records promptly.

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