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Crypto Regulations in the U.S. Push for Stricter Regulations in the U.K. and Canada
Cryptocurrencies have been a topic of discussion for governments around the world. The decentralized nature of cryptocurrencies makes it difficult for governments to regulate them. However, in recent years, governments have been taking steps towards regulating cryptocurrencies to ensure investor protection and prevent illegal activities like money laundering and terrorism financing. The U.S. has been leading the way in terms of cryptocurrency regulation, and its push for stricter regulations is now being felt in the U.K. and Canada.
In the U.S., the regulatory landscape for cryptocurrencies has been evolving over the past few years. In 2013, the Financial Crimes Enforcement Network (FinCEN) issued guidance stating that virtual currencies, including Bitcoin, were considered money and subject to regulation under U.S. law. In 2015, the New York State Department of Financial Services (NYDFS) introduced the BitLicense, which regulates businesses involved in virtual currency transactions in the state of New York.
In recent years, the U.S. government has been stepping up its efforts to regulate cryptocurrencies. In 2018, the Securities and Exchange Commission (SEC) declared that some cryptocurrencies, like Bitcoin and Ethereum, are not securities, but other tokens issued in initial coin offerings (ICOs) may be considered securities and subject to SEC regulations. In 2020, the Office of the Comptroller of the Currency (OCC) issued guidance allowing banks to provide custodial services for cryptocurrencies.
The U.S. government's push for stricter cryptocurrency regulations is now being felt in the U.K. In October 2020, the Financial Conduct Authority (FCA) announced a ban on the sale of cryptocurrency derivatives to retail customers. The FCA also required all cryptocurrency businesses to register with the agency and comply with anti-money laundering regulations.
In January 2021, the U.K. government proposed new cryptocurrency regulations that would give the FCA more power to regulate cryptocurrencies. The proposed regulations would require all cryptocurrency businesses to be authorized by the FCA and comply with anti-money laundering regulations. The regulations would also require cryptocurrency exchanges to verify the identities of their customers and report suspicious activities to the authorities.
In Canada, the government has also been taking steps towards regulating cryptocurrencies. In 2020, the Canadian government proposed new regulations that would require cryptocurrency exchanges to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and comply with anti-money laundering regulations. The proposed regulations would also require cryptocurrency businesses to report suspicious activities to FINTRAC.
The U.S. government's push for stricter cryptocurrency regulations is having a ripple effect around the world. The U.K. and Canada are following the U.S.'s lead and taking steps towards regulating cryptocurrencies to ensure investor protection and prevent illegal activities. As more countries adopt cryptocurrency regulations, it is likely that the regulatory landscape for cryptocurrencies will become more standardized and transparent, making it easier for investors to navigate the market.
#cryptocurrency #Regulation #us #canada #bitcoin
In the U.S., the regulatory landscape for cryptocurrencies has been evolving over the past few years. In 2013, the Financial Crimes Enforcement Network (FinCEN) issued guidance stating that virtual currencies, including Bitcoin, were considered money and subject to regulation under U.S. law. In 2015, the New York State Department of Financial Services (NYDFS) introduced the BitLicense, which regulates businesses involved in virtual currency transactions in the state of New York.
In recent years, the U.S. government has been stepping up its efforts to regulate cryptocurrencies. In 2018, the Securities and Exchange Commission (SEC) declared that some cryptocurrencies, like Bitcoin and Ethereum, are not securities, but other tokens issued in initial coin offerings (ICOs) may be considered securities and subject to SEC regulations. In 2020, the Office of the Comptroller of the Currency (OCC) issued guidance allowing banks to provide custodial services for cryptocurrencies.
The U.S. government's push for stricter cryptocurrency regulations is now being felt in the U.K. In October 2020, the Financial Conduct Authority (FCA) announced a ban on the sale of cryptocurrency derivatives to retail customers. The FCA also required all cryptocurrency businesses to register with the agency and comply with anti-money laundering regulations.
In January 2021, the U.K. government proposed new cryptocurrency regulations that would give the FCA more power to regulate cryptocurrencies. The proposed regulations would require all cryptocurrency businesses to be authorized by the FCA and comply with anti-money laundering regulations. The regulations would also require cryptocurrency exchanges to verify the identities of their customers and report suspicious activities to the authorities.
In Canada, the government has also been taking steps towards regulating cryptocurrencies. In 2020, the Canadian government proposed new regulations that would require cryptocurrency exchanges to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and comply with anti-money laundering regulations. The proposed regulations would also require cryptocurrency businesses to report suspicious activities to FINTRAC.
The U.S. government's push for stricter cryptocurrency regulations is having a ripple effect around the world. The U.K. and Canada are following the U.S.'s lead and taking steps towards regulating cryptocurrencies to ensure investor protection and prevent illegal activities. As more countries adopt cryptocurrency regulations, it is likely that the regulatory landscape for cryptocurrencies will become more standardized and transparent, making it easier for investors to navigate the market.
#cryptocurrency #Regulation #us #canada #bitcoin
Bybit has announced that it will be exiting the Canadian market starting as soon as May 31 due to recent regulatory developments in the country, adding to several other exchanges that pulled out from the country.
“It has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,” the exchange said in a blog post on Tuesday. “In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.”
#bybit #exiting #canada #Binance #cryptoonindia
“It has always been Bybit's primary objective to operate our business in compliance with all relevant rules and regulations in Canada,” the exchange said in a blog post on Tuesday. “In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and services.”
#bybit #exiting #canada #Binance #cryptoonindia
Canadian Citizens In This City Have Lost $22.5 Million to Crypto Scams
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Canadian police have issued a targeted warning to citizens in Calgary, Alberta, to be wary of employment scams, romance scams, and other related to cryptocurrency after victims there lost over $22.5 million so far this year.
Alberta officials revealed on Monday that its residents have run afoul of 340 reported crypto scams since the start of the year. That’s up from 2022, when residents lost a smaller $14 million across 321 reported scams in 12 months.
The police believe even these figures are “vastly underreported,” however.
“While the vast majority of cryptocurrency is legitimate, it is also a deregulated marketplace and has, at times, been used by scammers as a form of payment connected to various frauds,” said Calgary Police on Tuesday.
The cosmopolitan city of Calgary was historically the heart of Canada's oil industry, and was ranked third most livable city this summer in the Economist Intelligence Unit's (EIU) annual ranking of the world's most liveable cities.
The most common forms of scams noted are investment scams—those promising victims more money if they send the scammer some funds first. “Only scammers will demand full payment upfront,” the police noted.
An example would include the infamous Michael Saylor phishing videos, where thieves posing as the Bitcoin billionaire promise to double victims’ Bitcoin holdings if they send their BTC to the scammer’s wallet. In January 2022, a Bitcoin user sent $1.1 million in BTC to one such scam address.
The police also warned against people online promising large returns in the crypto markets, and of users on social media and online dating apps mentioning crypto investments, saying such messages are “likely a scam.”
According to Chainalysis, scams continue to comprise the bulk of the volume transferred in crypto-related crimes, including hacks, darknet markets, and ransomware attacks.
#cryptoscam #scamalert #BinanceSquare #CryptoTalks #canada
FOLLOW US FOR FASTEST UPDATES **
Canadian police have issued a targeted warning to citizens in Calgary, Alberta, to be wary of employment scams, romance scams, and other related to cryptocurrency after victims there lost over $22.5 million so far this year.
Alberta officials revealed on Monday that its residents have run afoul of 340 reported crypto scams since the start of the year. That’s up from 2022, when residents lost a smaller $14 million across 321 reported scams in 12 months.
The police believe even these figures are “vastly underreported,” however.
“While the vast majority of cryptocurrency is legitimate, it is also a deregulated marketplace and has, at times, been used by scammers as a form of payment connected to various frauds,” said Calgary Police on Tuesday.
The cosmopolitan city of Calgary was historically the heart of Canada's oil industry, and was ranked third most livable city this summer in the Economist Intelligence Unit's (EIU) annual ranking of the world's most liveable cities.
The most common forms of scams noted are investment scams—those promising victims more money if they send the scammer some funds first. “Only scammers will demand full payment upfront,” the police noted.
An example would include the infamous Michael Saylor phishing videos, where thieves posing as the Bitcoin billionaire promise to double victims’ Bitcoin holdings if they send their BTC to the scammer’s wallet. In January 2022, a Bitcoin user sent $1.1 million in BTC to one such scam address.
The police also warned against people online promising large returns in the crypto markets, and of users on social media and online dating apps mentioning crypto investments, saying such messages are “likely a scam.”
According to Chainalysis, scams continue to comprise the bulk of the volume transferred in crypto-related crimes, including hacks, darknet markets, and ransomware attacks.
#cryptoscam #scamalert #BinanceSquare #CryptoTalks #canada
The first gas station in Canada has begun accepting Bitcoin as a form of payment. This marks a significant step in the integration of cryptocurrency into everyday transactions, allowing customers to use Bitcoin to pay for fuel. The move reflects a growing trend towards digital currencies and offers a new option for tech-savvy consumers in Canada.
#gasstation #bitcoin #canada
#gasstation #bitcoin #canada
🚨 $9.5M Bitcoin & Ether Gambled Away By Canadian Crypto Exchange 🎰
In a shocking revelation, the British Columbia Securities Commission (BCSC) has uncovered a massive fraud involving the Canadian crypto exchange ezBtc. The platform's founder, David Smillie, misappropriated approximately $9.5 million CAD of customer funds, funneling the stolen Bitcoin and Ether into gambling and personal use.
Operating between 2016 and 2019, ezBtc claimed to keep users' crypto safe in cold storage. However, the truth was far darker. Over 2,300 Bitcoin and 600 Ether were amassed, but nearly one-third of those assets vanished into Smillie’s personal exchange accounts and online gambling sites like CloudBet and FortuneJack. The BCSC panel slammed Smillie for his deceitful actions, noting that his scheme caused real financial losses, with customers unable to withdraw their funds. As ezBtc collapsed in September 2019, the damage was already done, leaving investors high and dry.
Sanctions are expected to be imposed by September 24, and Smillie could face severe penalties, from monetary fines to lifetime bans on market participation. Despite the gravity of the situation, Smillie and his representatives were notably absent from the hearings, though legal representation was present.
While this scandal unfolds, it's clear that crypto adoption in Canada is hitting a wall. With only 3% of the population using Bitcoin or other digital currencies for daily transactions, the country's residents seem more comfortable sticking with cash and cards. Even as the world moves towards digital payments, Canadians remain cautious, favoring traditional e-transfers over cryptocurrencies. This reluctance to embrace crypto highlights the uphill battle digital currencies face in gaining mainstream acceptance in Canada.
For more drop a like. It's good for the algorithm here :)
Mende
#canada #bitcoinnews #cryptonews #crypto #bitcoin
In a shocking revelation, the British Columbia Securities Commission (BCSC) has uncovered a massive fraud involving the Canadian crypto exchange ezBtc. The platform's founder, David Smillie, misappropriated approximately $9.5 million CAD of customer funds, funneling the stolen Bitcoin and Ether into gambling and personal use.
Operating between 2016 and 2019, ezBtc claimed to keep users' crypto safe in cold storage. However, the truth was far darker. Over 2,300 Bitcoin and 600 Ether were amassed, but nearly one-third of those assets vanished into Smillie’s personal exchange accounts and online gambling sites like CloudBet and FortuneJack. The BCSC panel slammed Smillie for his deceitful actions, noting that his scheme caused real financial losses, with customers unable to withdraw their funds. As ezBtc collapsed in September 2019, the damage was already done, leaving investors high and dry.
Sanctions are expected to be imposed by September 24, and Smillie could face severe penalties, from monetary fines to lifetime bans on market participation. Despite the gravity of the situation, Smillie and his representatives were notably absent from the hearings, though legal representation was present.
While this scandal unfolds, it's clear that crypto adoption in Canada is hitting a wall. With only 3% of the population using Bitcoin or other digital currencies for daily transactions, the country's residents seem more comfortable sticking with cash and cards. Even as the world moves towards digital payments, Canadians remain cautious, favoring traditional e-transfers over cryptocurrencies. This reluctance to embrace crypto highlights the uphill battle digital currencies face in gaining mainstream acceptance in Canada.
For more drop a like. It's good for the algorithm here :)
Mende
#canada #bitcoinnews #cryptonews #crypto #bitcoin