Tag Archives: canada

Ontario Teachers’ Pension Plan (OTPP) – Canada’s largest single-profession pension plan – decided not to rush into another cryptocurrency investment following its bad experience with FTX.  The organization was among the prominent backers of the now-bankrupt exchange, investing $95 million. The dramatic crash, though, shrank that sum to virtually zero. Change of Heart After the FTX Implosion Jo Taylor – Chief Executive Officer of the $190 billion pension plan – told the...

A couple from Toronto became the latest to fall victim of a cryptocurrency scammer. They lost around $300,000 in an elaborate scheme.  However, in this case, law enforcement agents managed to recover a “significant portion” of the lost funds and returned them to the victims. Another Crypto Scam in Canada The Toronto Police Service announced earlier this week that an elderly man and his spouse, whose names were undisclosed, became victims of a cryptocurrency fraud.  The couple...

Canada is cracking down on crypto trading and tightening its rules due to the FTX financial collapse. The country is allegedly trying to do all it can to protect investors and ensure nothing like the exchange’s debacle can affect people within its borders. Canada Is Fighting Potential Crypto Loopholes The Ontario Securities Commission and securities regulators in Canada are keeping their eyes open and watching any unregulated digital currency exchanges within the...

Pushing on the new industry standard to boost transparency, OKX released its fifth proof-of-reserves (PoR) report. The latest edition demonstrated that the Seychelles-based crypto exchange holds clean assets worth $8.9 billion in BTC, ETH, and USDT. Data shows that OKX’s wallets have 138,405 BTC, 1,325,259 ETH, and 3,264,352,204 USDT against user balances of 134,289 BTC, 1,284,812 ETH, and 3,199,251,622 USDT, respectively. This proves that OKX is overcollateralized with a...

Stephen Carr – a resident of Meaford, Ontario – said he lost his entire life savings of nearly $500,000 after being conned into a cryptocurrency scheme on YouTube. Scammers have used the video-sharing website multiple times to lure victims. Some have even uploaded fake recordings of famous people, including Elon Musk, Steve Wozniak, Bill Gates, and Kanye West, who appear to promote dubious cryptocurrency investments. ‘I’m Devastated’ In a recent interview, Carr said he got...

2022 was a bad year for crypto. Bitcoin and many leading forms of digital currency have crashed, but that doesn’t mean all the crypto companies out there are turning their backs on their respective industries. Several companies in Calgary, Canada – like Bitvo Inc. – still believe crypto has a fighting chance, and they’re refusing to give up on this growing financial arena. Calgary Has Tried Hard to Incorporate Crypto Bitvo is a unique firm in that FTX – the now failed...

WonderFi Technologies – a tech company that provides access to decentralized finance (DeFi) – has reportedly been mulling a merger agreement with the trading platform Coinsquare. The goal would be to establish the largest cryptocurrency exchange in Canada. A Deal on the Horizon As reported by Bloomberg, the two parties have been in advanced merger talks. However, WonderFi did not make further comments, adding that the discussions could not guarantee the collaboration: “These...

The number of bitcoin automated teller machines (ATMs) has surged in accordance with the development of the cryptocurrency industry. The first such machine saw the light of day in October 2013. Needless to say, the industry has expanded by leaps and bounds since then, propelling massive interest and, in turn, more ATMs.  Currently, there are 39,678 such devices spread across 84 countries, with over 85% located in the United States of America. An Overlook of the Map...

With FTX’s collapse spurring global regulators into action against the crypto industry, the Canadian Securities Administrators (CSA) are no exception. On Monday, the association announced an expanded ruleset pertaining to crypto trading platforms in Canada, which would bar them from offering margin or leverage trading to Canadian clients.  No More Leverage As announced by the regulator on Wednesday, its new rules will apply to any platform within the country subject to...

The Canadian government will begin consultations on cryptocurrencies, stablecoins, and CBDCs. The ruling body maintained that such assets should function under strict supervision since they could facilitate illicit operations and pose “a challenge to democratic institutions.” Crypto is Among the Budget’s Priorities As disclosed in its mini-budget 2022, Canada’s federal government will aim to impose rules on the local cryptocurrency sector. The officials started a series of...