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Riot Platforms successfully convinces the Ontario Capital Markets Tribunal to terminate Bitfarms' Poison Pill, aimed at protecting shareholder rights. (Read More)
Pleterski and an associate were arrested months after multiple investor complaints and months of police investigation.
<p class="MsoNormal">Kraken, one of the longest-running cryptocurrency exchanges in the industry, has filed a pre-registration with the Canada’s Ontario Securities Commission (OSC). The move is part of the US-based digital asset firm’s efforts to become a registered Restricted Dealer across all regions in Canada. </p><p class="MsoNormal">The cryptocurrency exchange announced the development in a statement shared with Finance Magnates on Thursday. It noted that it took to the action in order “to comply with the Canadian Securities Administrators’ recently enhanced investor protection guidance."</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Oh, Canada! We’ve got news ????Kraken users will be happy to learn that we have taken the necessary steps required by regulators in order to continue operating in Canada, and to continue our mission of driving crypto adoption worldwide. ??More info ?? <a href="https://t.co/v42rR2STPG">https://t.co/v42rR2STPG</a> <a href="https://t.co/NEvNGMnyGL">pic.twitter.com/NEvNGMnyGL</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1641463077357977601?ref_src=twsrc%5Etfw">March 30, 2023</a></blockquote><p class="MsoNormal">OSC Demands Registration</p><p class="MsoNormal">In June last year, <a href="https://www.financemagnates.com/cryptocurrency/regulation/canadas-ontario-regulator-bans-crypto-exchange-kucoin-fines-bybit/" target="_blank" rel="follow">OSC banned cryptocurrency exchange KuCoin</a> and slapped a heavy fine on Bybit for not complying with local regulations. Both platforms were fined $1.6 million and $2.5 million, respectively.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">OSC holds global crypto asset trading platforms accountable: <a href="https://t.co/TPC9mtvTRE">https://t.co/TPC9mtvTRE</a> <a href="https://t.co/Nl9pGP0U3j">pic.twitter.com/Nl9pGP0U3j</a></p>— OSC News (@OSC_News) <a href="https://twitter.com/OSC_News/status/1539679306909159426?ref_src=twsrc%5Etfw">June 22, 2022</a></blockquote><p class="MsoNormal">The ban came over a year after the Ontario securities watchdog warned unauthorized cryptocurrency exchanges in the province to get in touch with the agency or face enforcement actions. In 2021, cryptocurrency exchange giant <a href="https://www.financemagnates.com/cryptocurrency/news/binance-exits-canadas-ontario-amid-mounting-regulatory-scrutiny/" target="_blank" rel="follow">Binance exited Ontario</a> amidst mounting regulatory scrutiny.</p><p class="MsoNormal">Kraken Reaffirms Commitment to Canada</p><p class="MsoNormal">However, Kraken on Thursday noted that the pre-registration demonstrates its “broader commitment to its Canadian clients, the market and its global mission.” </p><p class="MsoNormal">Kraken currently offers its Canadian customers access to over 175 digital assets and five Canadian dollar trading pairs on its global spot market. In July 2019, the cryptocurrency exchange registered as <a href="https://www.financemagnates.com/fintech/news/xrex-obtains-money-services-business-license-from-fintrac/" target="_blank" rel="follow">a money service business</a> with the Financial Transactions and Reports Analysis Centre of Canada. </p><p class="MsoNormal">“We want both existing and prospective clients to know Kraken remains committed to Canada,” said Mark Greenberg, Kraken’s Managing Director for Canada at Kraken, explaining the reason for the digital asset's pre-registration with the Ontario regulator. </p><p class="MsoNormal">Greenberg reiterated that Kraken would continue to engage with local regulators to enhance understanding of crypto’s economic benefits and transformative potential.</p><p class="MsoNormal">Kraken Faces Aftermath of US Bank Collapse</p><p class="MsoNormal">Meanwhile, Kraken pre-registration with OSC comes at a time the exchange is battling with the collapse of US-based crypto-friendly banks, <a href="https://www.financemagnates.com/cryptocurrency/silvergate-bank-announces-voluntary-liquidation-amid-troubles/%5C">Silvergate Bank</a> and <a href="https://www.financemagnates.com/cryptocurrency/signature-bank-collapse-coinbase-and-paxos-disclose-massive-exposure/">Signature Bank</a>. Last Thursday, the digital asset firm announced that it <a href="https://www.financemagnates.com/cryptocurrency/news/kraken-to-suspend-ach-deposits-and-withdrawals/" target="_blank" rel="follow">would cease its support</a> for Automated Clearing House (ACH) deposits and withdrawals from 27 March 2023. </p><p class="MsoNormal">Kraken is one of the many crypto exchanges that have been using Silvergate Exchange Network (SEN) for ACH settlements in the US since 2019.</p><p class="MsoNormal">Saxo's New Portal; JPX Gets into DeFi; <a href="https://www.financemagnates.com/forex/news-nuggets-30-march-saxos-new-portal-jpx-gets-into-defi/" target="_blank" rel="follow">read today's new nuggets</a>.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
The lawsuit escalates a months-long dispute between the crypto miner and one of its energy suppliers in Canada.
Canada’s largest pension fund Ontario Teachers said it would write off its $95 million in bankrupt crypto exchange FTX, according to a November 17 press statement.
The post Canada’s largest pension fund writes off $95M FTX investment appeared first on CryptoSlate.
Despite market volatility and a recent decline in value, Ontario Teachers Pension has continued embracing its crypto business investments. (Read More)
The OSC imposed trading restrictions in 2021 on centralized crypto exchanges. Binance declared in March of this year that it
Canada-based cryptocurrency exchanges Bitbuy and Newton have imposed new rules on their respective platforms.
Canadian state regulator, the Ontario Securities Commission (OSC), has taken enforcement action against two cryptocurrency exchanges, Bybit and Kucoin, for not complying with local regulations.
The OSC issued a warning on March 29, 2021, to the unauthorized crypto exchange in the state to contact the regulator or face enforcement action. However, both exchanges continued to operate in the Canadian state without approaching the regulator for a license.
Announced on Wednesday, the Canadian watchdog has slapped heavy fines on both platforms. Bybit Fintech Limited has disgorged almost US$2.5 million, along with another CA$10,000 as the regulatory investigation cost.
Seychelles-incorporated Mek Global and Singapore-incorporated PhoenixFin, both collectively operating the Kucoin brand, are facing permanent bans. In addition, they are facing an administrative penalty of CA$2 million and have to shell out a further CA$96,550 for the investigation cost.
Cooperation PaysBybit escaped the ban as the exchange responded to the enforcement action and cooperated with the regulatory investigation. The exchange even provided an undertaking for making its operations compliant with Canadian regulations.
Now, Bybit suspended the onboarding of new clients and the addition of new products for existing Ontario-based clients until the registration with the OSC is complete. And, the crypto exchange should wind up its Canadian operations if its registration discussion fails.
Moreover, Bybit will restrict access to certain products like contracts that involve leverage, margin, or the extension of credit for Ontario clients. Additionally, it will liquidate their positions in these products.
“Foreign crypto asset trading platforms that want to operate in Ontario must play by the rules or face enforcement action,” said OSC’s Director of Enforcement, Jeff Kehoe. “The outcomes announced today should serve as a clear indication that we refuse to tolerate non-compliance with Ontario securities law.”
Earlier, the OSC took action against the crypto exchange, Poloniex for securities law breaches. Also, Binance, the largest crypto exchange in terms of trading volume, exited Ontario last year, citing mounting regulatory pressure.
This article was written by Arnab Shome at www.financemagnates.com.
“Bybit responded to the OSC’s enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions,” said the OSC.
Hut 8 Mining Corp currently holds a total of 7,078 BTC on its balance sheet and continues to advance its operations by launching a new crypto mining facility in Ontario, Canada. (Read More)
Lendable.co.uk is committed to improve financing to both retail customers and businesses.
(Read More)
Lendable is committed to improve debt financing to fintechs in emerging and frontier markets. (Read More)
Cryptocurrency exchange Bitfinex announced that it will be leaving the Ontario market, reminding users to withdraw all their funds before March 1. (Read More)
Leading cryptocurrency exchange Bitfinex announced the withdrawal of half a dozen crypto trading pairs by the end of January 2022, citing low liquidity levels. According to the trading platform’s official statement, the measure is aimed to consolidate and improve liquidity, enabling users a more streamlined and optimized trading experience. Following are the trading pairs that are planned […]
The Ontario Securities Commission (OSC) of Canada stated that Binance has not yet obtained the legal operating qualifications for the province of Ontario. (Read More)
The Ontario Securities Commission’s announcement contradicts recent communication the crypto exchange Binance had with its Ontario users. Covered: OSC Says Binance “Not Registered” Binance Maintains Its Stance OSC Responds To Binance Again… OSC Says Binance “Not Registered” They aren't authorized by the OSC. That's the key takeaway. — John Kaczur (@johnkaczur) December 30, 2021 […]
The post OSC Says Binance Can’t Operate In Ontario; Binance Assures Ontarians They Aren’t Going Anywhere appeared first on CryptosRus.
Binance barely beats the buzzer to stay operational in Ontario. What’s next for the world’s biggest crypto exchange in Ontario? @binance dey mad. Sending email that they are no longer leaving Ontario. After I had moved and paid transfer fees ?? — MO (@_MinMann) December 30, 2021 Last night Binance sent an email out to […]
The post It’s Official: Binance Stays In Ontario appeared first on CryptosRus.
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