An undercover investigation has uncovered that unregistered cryptocurrency firms in Canada are facilitating large-scale cash-for-crypto transactions with minimal compliance checks. These operations, including exchanges offering up to $1 million in unverified cash, highlight significant enforcement gaps in Canada's anti-money laundering framework. The investigation revealed that over 20 unregistered crypto-to-cash services are operating across the country, many of which do not require identity verification. In one instance, a Toronto storefront processed a $1,900 cash transaction using only a $5 bill's serial number as identification, violating Canadian regulations. Experts warn that the lack of oversight and resources for FINTRAC, Canada's financial intelligence unit, is enabling the criminal use of cryptocurrencies.