Canadian crypto exchange said to face stricter rules by end of February
Cryptocurrency exchanges operating in Canada will be subject to tighter regulatory scrutiny as the country’s patronizing market watchdog seeks to tighten rules on such trading platforms in late February, CoinDesk reported on Thursday, citing two people with knowledge of the plans.
The move comes as regulators across the globe, primarily the United States, crack down on illegal activities related to cryptocurrencies, including selling unregistered securities or violating privacy laws. protect investors. For instance, the UK’s financial regulator said earlier this week take the target at unregistered crypto ATM operators.
The Canadian Securities Regulatory Authority will update its pre-registration commitment regime, “primarily driven by the Ontario Securities Commission and will crush Canada’s crypto industry overnight as it changes.” completely the rules and stated structure of the CSA and will ensure that it is too expensive to do business in Canada,” one of the people told CoinDesk.
CSA did not immediately respond to Seeking Alpha’s request for comment.
One of the more famous cryptocurrency exchanges operating in Canada is Bitbuy, owned by WonderFi (OTCQB: GREAT). It recently became the country’s first registered crypto exchange to add polkadot (DOT-USD) to its share offering.