Tag Archives: canada

A Canadian House committee published a report on Wednesday providing 16 recommendations for how the nation’s government should regulate the blockchain industry – and they’re remarkably bullish. Crypto exchange Coinbase praised the report, saying it was “encouraged by the forward-thinking approach of the parliamentary committee.” Opening Canada to Crypto In its first recommendation, The Parliamentary Standing Committee on Industry and Technology (INDU) asked that the Canadian...

Research carried out by contributors of the Toronto Metropolitan University (TMU) estimated that 35% of Canadians owning digital assets had fallen victim to crypto fraud. The study further determined that approximately 9% of the locals have purchased cryptocurrencies or NFTs, with the share being higher among individuals who graduated from universities. Less Educated People Seem More Likely to Get Scammed The report, conducted via a representative survey of 2,000 Canadian...

Popular cryptocurrency exchange Bybit announced it will be exiting the Canadian market, citing recent regulatory developments in the country as the reason behind its decision. The move follows similar decisions made by other exchanges that ceased operations in the North American nation. Starting May 31, new account openings will be unavailable, while existing customers will have until July 31 to make further deposits and enter into new contracts. The company also promised...

The world’s largest crypto trading platform said it will be winding down its Canadian arm two years after being greenlighted to operate in the country. Binance mentioned a recent amendment in the local legislation that affected stablecoin deposits and purchases on exchanges. Binance announced its intentions on Twitter, saying it will “be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace.” The exchange admitted that it was a...

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000 Sign up A fraud victim in Winnipeg, Canada has lost more than $168,000 to a digital currency scam. The clincher? At the time of writing, much of the money has been gotten back, which is an odd outcome in situations like these. Canada Victim Gets a Lot of Money Returned Everyone knows that most of the time, once crypto...

The British Columbia Securities Commission has accused ezBtc, a defunct Nanaimo-based cryptocurrency platform, and its founder David Smillie, of perpetrating a multimillion-dollar securities fraud scheme. The commission alleged that Smillie and his crypto firm lied to customers about the platform and diverted their assets to online gambling sites. ezBtc Allegedly Diverted $13M in Customer Assets According to a Bloomberg report, the accusations were outlined in a notice of...

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...