Canada Financial News

Creditors of the bankrupt Canadian crypto exchange QuadrigaCX are set to receive 13% of their total claims as part of an “interim dividend.”

Binance will withdraw from the Canadian market, the cryptocurrency exchange announced on Twitter on May 12. It called its withdrawal “proactive” as new guidance issued by Canadian regulators continues to take a toll on the country’s crypto industry.

Binance is pulling out of Canada.

The bankrupt Canadian crypto exchange QuadrigaCX is set to commence an “interim distribution” of funds to creditors, despite only a fraction of the missing funds being recovered.

The Bank of England’s director of fintech, Tom Hutton, recently spoke out on the United Kingdom’s plans to institute a central bank digital currency (CBDC) at the Crypto and Digital Assets Summit in London. 

According to a May 8 post by Miller Thomson, the law firm representing users of the defunct cryptocurrency exchange QuadrigaCX, interim distribution of funds tied to bankruptcy proceedings will be scheduled "in the coming weeks."

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Canadians are being asked to submit what features they want included in a potential digital Canadian dollar with the country’s central bank opening a consultation to the public.

The government of Kazakhstan has received 3.07 billion tenge (approximately $7 million) in tax payments from crypto mining entities in 2022, following the implementation of an amended law regulating the fiscal burden of mining cryptocurrencies, according to the local media reports.

Despite the subject matter, moderator Soumak Chatterjee from Deloitte insisted that we were not going to get a “doomsday panel”. Charlene Cieslik from Bitcoin ATM operator Localcoin noted that the recent US bank failures put paid to a widely held perception that the digital asset space is uniquely unstable. However, the participants were under no illusion about the damage that the sector’s reputation has suffered in the last few months. And, while some in the US have been chaffing at regulatory intervention, there was broad acceptance on the panel that there needs to be cooperation with lawmakers. Mohamad Al-Bustami from the Office of the Superintendent of Financial Institutions was at pains to stress that his body is not ant-crypto and that he is a “believer” in the technology and that engaging with the industry is playing a key role in how regulation is being shaped. Cieslik and Evan Thomas from WealthSimple offered a clear example of how different firms have gone about entering the crypto space - with contrasting results. WealthSimple became the first Canadian company to offer clients staking while meeting securities laws, spending significant resources working with regulators to ensure that it would be compliant. In contrast, Cieslik said that her former employer, Coinsquare, blew four year lead on WealthSimple by not being so diligent and carrying out wash trading as well as whistleblower retaliation. Cieslik had some strong thoughts on FTX and what its failure says about the broader ecosystem. There were, she notes, a host of accounting firms, VCs and others that claim to have done due diligence on the company. “There was no adult in the room. What exactly was your due diligence other than FOMO?”

On May 2, European cryptocurrency investment firm CoinShares published its latest “Digital Asset Fund Flows Weekly Report,” which stated that the digital asset market experienced bearish sentiment for the second consecutive week, resulting in outflows totaling $72 million. The report noted that the bearish sentiment could be attributed to the probability of further interest rate hikes by the United States Federal Reserve this week.

Udemy’s Global Workplace Learning Index for the first quarter of 2023 indicates that ChatGPT, financial services and courses aimed at developing students' business-teaching skills have experienced a massive uptick in interest from the site’s reported 49 million users.

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Data from Google Ads coupled with blockchain analytics reveals that over $4 million has been stolen from users that have fallen for malicious phishing websites promoted on Google.

The Ether (ETH) price has struggled to sustain the $1,850 support since April 21, the same level it held before the rally toward $2,100 initiated on April 13. Investors have reason to question whether there are buyers, considering the 13.5% price correction in six days and the $548 million in leveraged futures longs liquidated between April 19 and April 21.

Russia has now reportedly become the second-largest country in the world in terms of Bitcoin (BTC) and cryptocurrency mining, with the United States maintaining its position as the leader. Nevertheless, the lack of clear regulations regarding cryptocurrencies in the United States may lead to a potential market distribution shift.

Decentralized finance (DeFi)-focused layer 1 blockchain Berachain has succeeded in raising a total of $42 million in its recently completed Series A funding round at a valuation of $420.69 million.

Another crypto player, Bittrex, recently quit the US over regulatory concerns.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

SYDNEY—Australia said it would make broad changes to how its central bank operates, in a move that will weaken the governor’s influence over key decisions including interest rates.