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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.
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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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