Episode Details

Hundreds of North Vancouver customers are stranded without access to their cash after Apadana Currency Exchange abruptly froze all transactions—leaving them facing potential losses of up to five million dollars. Unlike banks, these money-service businesses aren’t federally insured, so victims have few options: lawsuits or direct recovery efforts. While Fintrac can investigate and fine the company, it lacks authority to freeze or return funds. The owner admits 200–300 customers are owed $4–5 million and says he’s working with a customer committee to recover assets, though Fintrac confirms Apadana isn’t officially registered as a money-services business. Two customers have already filed small claims for over $12,500. Meanwhile, B.C. regulators have been years in the making to close this oversight gap, with no clear timeline for new rules—despite past inquiries repeatedly warning that these businesses pose serious money-laundering risks.

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