What FINTRAC registry statuses mean for a crypto firm

FINTRAC keeps a public registry of money services businesses, often shortened to MSBs. Firms that deal in virtual currency, exchange it or transfer it for customers are among the businesses that fall under this regime. Each entry in the registry carries a status, and that single word says a lot about the firm's standing at the moment you look. A person who finds a firm online can search the registry by name and read the status in a few seconds, without paying or creating an account. Knowing what each status means prevents two opposite mistakes: trusting a firm whose entry has lapsed, and fearing a firm whose entry is only waiting for a routine renewal to be processed.

The registry uses four statuses. According to FINTRAC, Registered means the business is currently registered, and a renewal submitted before expiry keeps that status until it is processed. Expired means the registration was not renewed after two years, so the firm is not currently registered even though it once was. Ceased means the business has said it no longer offers prescribed services to consumers. Revoked means the business was not registered because it did not answer a clarification request, did not assist FINTRAC or was found ineligible. Each word describes a different story, so reading only the firm's name and skipping the status column tells you very little. The registry also lists the dates tied to each entry, which helps you see how recent the information is.

Picture a woman named Alicia who wants to use an exchange recommended by a coworker. She opens the registry and types the firm's legal name. One entry appears with the status Expired and a renewal date in the past, written as year, month and day. Another entry, for a differently named company with a similar website, shows Registered. Alicia notices that the legal names do not match what the website shows in its footer. She writes down both names, goes back to the site, and looks for the registration number it claims. She does not transfer anything until the firm's name, its number and the registry all line up with one another. Her coworker, it turns out, had meant the other company.

Several things can go wrong. A site can copy a real firm's name and logo while using a different legal entity, so the registry entry belongs to someone else. A firm can show an old registration number after its status has changed to Expired or Revoked. Some firms mention registration without giving a number at all. A further trap is the Foreign MSB Indicator, a field that flags businesses based outside Canada. A foreign flag does not mean wrongdoing, and the absence of a flag does not mean safety. It only tells you where the business is based, which affects where a complaint would have to go and which laws apply to the firm.

A few checks can be done alone, using only public pages. Search the registry using the exact legal name shown on the website, not only the brand. Read the status and the dates, remembering that dates are shown as year, month, day. Compare the registration number on the site with the one in the registry. Look at the Foreign MSB Indicator field. Ask what services the entry covers and whether they match what the site offers. Then check that the status is still current on the day you plan to act, since a registry changes over time. Keep a note or screenshot of what you saw and when, so you can show the details if a dispute arises later.

The registry answers one narrow question: whether FINTRAC lists a business and under what status. It does not judge a firm's quality, its security, or whether it treats customers well. Registration is also separate from any provincial requirement that may apply to a crypto business, and your provincial securities regulator is the place to ask about that. FINTRAC's own pages explain who must register and how entries are updated, and rules can change, so confirm the current wording there. This page is general education, not legal or financial advice. The sources below give the official detail on each point, and FINTRAC's registry page is the right place to start.

• Read the status, not only the name: Registered, Expired, Ceased and Revoked each mean something different
• An Expired entry means the registration was not renewed after two years
• Match the legal name and registration number on a site to the FINTRAC registry entry