Binance cutting staff, dodging Canadian regulatory probe
Binance undergoes "re-evaluation" of its workforce, cutting down about one-fifth of its total manpower who are either underperforming or might not be "the right cultural fit."
Binance undergoes "re-evaluation" of its workforce, cutting down about one-fifth of its total manpower who are either underperforming or might not be "the right cultural fit."
Paxos follows exchanges OKX and dYdX which have announced exits from Canada at a time when regulators have enforced new and tougher regulatory measures.
Canadian regulators have been shoring up digital currency regulatory loopholes and demanding better from VASPs, and OKX is unable to adhere to the new regulations.
The regulators allege that Troy Richard James Hogg used his two companies, Arbitrade Exchange and Cryptobontix Inc., to promote and sell Dignity digital asset to investors around the world.
OSC published a list of 13 firms targeting Ontario residents despite not being licensed, and for the second time this month, KuCoin is on the list.
Seeking to protect users from buying more assets than their financial positions can handle, one Canadian exchange has limited annual limits, with BTC and ETH exempted.
The Canadian Securities Administrators says that digital asset trading platforms are expected to file a "pre-registration undertaking" while their license application is under review.
The Quebec and Ontario securities watchdogs have joined the probe, with the former especially concerned about the fate of a $150 million investment in Celsius.
The OSC listed KuCoin, FX-BTC Trade, and others in its latest warning list of firms targeting Ontario residents even when they are not licensed to operate.
The Ontario securities watchdog also slapped a $1.9 million fine on Bybit, claiming that the two operated unregistered digital asset trading platforms in the province.
Nine months ago, the cryptocurrency exchange announced it would leave Ontario following a regulatory crackdown, only to later claim it can operate even without the watchdog’s approval.
Bitfinex didn’t reveal the reason for the sudden departure, but it advised Ontario users to withdraw their assets by March 1 before their accounts are closed permanently.