Canada Financial News

Binance says users in Ontario restricted from using its platform - regulator

Binance confirmed in an undertaking to the Ontario Securities Commission, or OSC, in Canada dated Wednesday that the crypto exchange will cease activities involving Ontario residents. Binance will also stop opening new Ontario accounts, and provide fee waivers and reimbursements to certain Ontario users under the administration of a third party, the company said. 

Bitcoin (BTC) has been trapped in a symmetrical triangle for 56 days and the trend change could last until early May, according to price technicals.

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The Bank of Canada has spent several years working with the country's commercial lenders to explore the creation of a DLT-based CBDC.

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Canadian cryptocurrency miner Hut 8 posted mixed financial results on Thursday, as revenue and mining profitability soared while overall net income declined — underscoring a volatile end to the year for Bitcoin (BTC) and the broader digital asset market. 

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The Bank of Canada has partnered with the Massachusetts Institute of Technology (MIT) to work on a 12 month research project focused on the design of a Central Bank Digital Currency.

When Mark Carney arrived at the Bank of England in 2013, he brought rock star power to one of the highest-profile roles in the City.

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Governments have never really been the biggest fans of Bitcoin (BTC) and cryptocurrency. Not only does crypto escape their monopoly over the issuing and supply of money, but it also helps individuals escape any monetary restrictions they may wish to apply.

Bitcoin buffs who were questioned by skeptics about the value of the cryptocurrency would respond by saying: Just wait. Wait until inflation hits, and people look to park their savings in a stable digital asset that won't lose its value. Wait until war breaks out, and authoritarians start seizing assets and imposing capital controls on their citizens. Wait until big banks and tech companies start censoring dissidents for their political views. Then you'll see why we need a stateless, decentralized, anonymous digital currency. More than most cryptocurrencies, Bitcoin was seen by many of its libertarian-leaning fans as a kind of doomsday insurance, a form of «digital gold, that would be a source of stability as the world grew more chaotic and unpredictable.

The United States and the European Union have announced new actions targeting Russia’s economy and wealthy individuals as a report suggests Vladimir Putin’s allies have attempted to circumvent sanctions using cryptocurrency in foreign countries.

The European Union will ban the export of its luxury goods to Russia in order to deal "a blow to the Russian elite", as part of new sanctions decided with G7 countries, says European Commission President Ursula von der Leyen.

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Cryptocurrency prices have climbed somewhat after investors appeared to view Bitcoin as a safe haven for their money. In fact, even the Russians and Ukrainians have been seeking alternatives to their country’s financial institutions.

McDonald’s said it is temporarily closing all of its 850 restaurants in Russia in response to the country's invasion of Ukraine.

Publicly traded crypto mining company HIVE Blockchain Technology has signed a deal to buy ASIC chips from semiconductor manufacturer Intel that will be used in their new custom mining devices.

Institutional investors are returning to accumulate Grayscale Bitcoin Trust (GBTC) shares as the discount to spot price his risen to nearly 30%, data on Glassnode shows.