Trudeau Targets Crowdfunding Platforms, Cryptocurrencies Under ‘Terrorist Financing’ Rules


During a press conference on Monday, Canada's Deputy Prime Minister Chrystia Freeland said:

We are announcing the following immediate actions: first, we are broadening the scope of Canada's anti-money laundering and terrorist financing rules so that they cover crowdfunding platforms and the payment service providers they use. These changes cover all forms of transactions, including digital assets, such as cryptocurrencies.

Trudeau invoked Canada's Emergencies Act on Monday to target these transactions. This act “allows the federal government to override the provinces and authorize special temporary measures to ensure security during national emergencies,” according to Reuters. His announcement is the latest attack on crowdfunding efforts for the Freedom Convoy. U.S.-based GoFundMe suspended the Freedom Convoy fundraising page after supporters raised nearly $11 million.

GiveSendGo became an alternative crowdfunding source for the Freedom Convoy and has raised more than $8 million for the truckers. On Friday, GiveSendGo defied a Canadian government order to freeze the freedom convoy funds.

However, under Canada's new orders, GiveSendGo will now be required to report “suspicious transactions” to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The Canadian truckers have been protesting Trudeau's vaccine mandates and public health regulations since the prime minister implemented a vaccine mandate for truckers entering Canada last month. Recently, the truckers held a blockade at Ambassador Bridge, which connects Detroit and Ontario. The blockade lasted from Friday to Sunday after a Canadian court issued an injunction ordering the protesters' removal from the bridge.

Freeland explained that the Canadian government would capture crowdfunded and cryptocurrency assets through the “crime and terrorist financing act.”

“The illegal blockades have highlighted the fact that crowdfunding platforms and some of the payment service providers they use are not fully captured under the proceeds of crime and terrorist financing act,” Freeland said.

She also announced that crowdfunding platforms must report more payments than usual to FINTRAC.

Our banks and financial institutions are already obligated to report to the Financial Transactions and Reports Analysis Center of Canada, or FINTRAC. As of today, all crowdfunding platforms and the payment service providers they use must register with Track, and they must report large and suspicious transactions to FINTRAC.

During Monday's announcement, Freeland also threatened to freeze the corporate and personal bank accounts of those involved in the protests.


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