Fun

Canadian crypto exchanges face deadline for CIRO membership

News Feed - 2024-08-07 06:08:17

Derek Andersen2 hours agoCanadian crypto exchanges face deadline for CIRO membershipCrypto traders have been on interim rules since March 2021, and it’s time to finalize membership in the securities industry"s self-regulatory organization.624 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onCrypto trading platforms (CTPs) in Canada are running out of time to get their paperwork in to become full-fledged investment dealers and members of the Canadian securities industry’s self-regulatory organization, the Canadian Investment Regulatory Organization (CIRO) and Canadian Securities Administrators (CSA) reminded their crypto colleagues in a news release.CTPs treated like their traditional colleagues


CTPs facilitate trading of crypto asset securities, derivatives, instruments or contracts. Under a staff notice released in March 2021, CTPs were allowed an interim period during which they could operate as restricted dealers while they worked on obtaining mandatory CIRO membership. Now the time is coming for CTPs to join CIRO finally and conform to its rules, the regulators say:“Given the time that has passed, CSA members expect CTPs to have carefully reviewed and understood the requirements to become investment dealers and CIRO members, and be actively engaged with CIRO on their applications.”


New CTPs will not be given an interim period before CIRO membership, they added. In addition to obtaining CIRO membership, CTPs are required to register in individual jurisdictions. There are currently 15 CTPs.


Related: Retail crypto market growth in Canada driven by market factors, regulation


Canadian crypto exchange Coinsquare became the first CTP to gain IIROC (Investment Industry Regulatory Organization of Canada — the former name of CIRO) membership. Coinsquare submitted its application for CIRO membership in November 2020 and was granted membership notification in October 2022.Canadian crypto securities regulation taking shape


The CSA began creating pre-registration requirements for CTPs in August 2022. Their first move was to require undertakings — binding agreements — on customer protections. The CSA tightened its requirements significantly in a second notice in February 2023 that reflected a new caution after the failures of crypto firms during the bear market. The second set of requirements particularly affected stablecoins.Source: CSA News


Crypto exchanges reacted differently to the new regulatory regime. Kraken and Gemini rushed to adhere to the new requirements. OKX, dYdX, Paxos, ByBit and Binance announced their departures from the Canadian market.


The CSA also issued guidance for investment firms holding crypto in July 2023 and expanded on that guidance in a proposal in January. Canada has had spot Bitcoin exchange-traded funds since 2021.


Magazine: Your guide to crypto in Toronto: Crypto City# Cryptocurrencies# Canada# Legislation# Cryptocurrency Exchange# Digital Asset# RegulationAdd reaction

News Feed

Bitcoin Sharks & Whales Continue To Accumulate: Stage Set For New All-Time High?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin price falls to $65K as $400M crypto market liquidation rocks BTC and altcoins
Nancy Lubale3 hours agoBitcoin price falls to $65K as $400M crypto market liquidation rocks BTC and altcoinsBitcoin price sees sharp sell-off as today’s downside move liquidates heaps of BTC and altcoin traders who wer
Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid SEC Lawsuit Over XRP
Ripple"s Counsel Urges US Lawmakers to Urgently Pass "Sensible" Crypto Legislation Amid SEC Lawsuit Over XRP Ripple’s general counsel has urged U.S. lawmakers to pass ȁ
Reddit User Discovers 7zip File Possibly Linked to Julian Assange Hidden in Bitcoin Blockchain
Reddit User Discovers 7zip File Possibly Linked to Julian Assange Hidden in Bitcoin Blockchain According to a post on the Reddit community r/bitcoin, an old file was discovered tha
Hermi De Ramos13 hours agoMetaverse projects failed on lack of correct business model: MetaMinds CEOAs the metaverse loses its appeal to some global tech leaders, MetaMinds Group CEO Sandra Helou argues that failures in
Bitcoin, Ethereum Technical Analysis: BTC Slips Below $40,000 yet Again, Following Brief Rebound on Tuesday 
Bitcoin, Ethereum Technical Analysis: BTC Slips Below $40,000 yet Again, Following Brief Rebound on Tuesday  Following a brief rally on Tuesday, BTC once again dropped below the $
Human Rights Advocates Insist Bitcoin ‘Provides Financial Inclusion’ — Refutes Claims in Critics’ Letter to US Congress
Human Rights Advocates Insist Bitcoin "Provides Financial Inclusion" — Refutes Claims in Critics" Letter to US Congress Human rights defenders from 20 countries have insisted tha
FBI seizes $6M from crypto scammers targeting US citizens
Stephen Katte21 hours agoFBI seizes $6M from crypto scammers targeting US citizensTether said it aided in recovering the stolen crypto by freezing the scammers’ wallets, which the FBI then seized.  2931 Total views14
Revive Project to Revolutionize Crypto Investments and NFTs With Unique Ecosystem
Revive Project to Revolutionize Crypto Investments and NFTs With Unique Ecosystem press release PRESS RELEASE. The Revive Project’s Unique ecosystem offers the crypto communi
Bitcoin.com Wallet Users Can Now Purchase More Than $10K Worth of Cryptocurrency
Bitcoin.com Wallet Users Can Now Purchase More Than $10K Worth of CryptocurrencyDuring the end of March, news.Bitcoin.com reported on the newly updated Bitcoin.com Wallet that featu
Goldman Sachs Brings Back Bitcoin Trading Desk as the Firm Sees Crypto Market Becoming More Mature
Goldman Sachs Brings Back Bitcoin Trading Desk as the Firm Sees Crypto Market Becoming More Mature Global investment bank Goldman Sachs has brought back its bitc
Trump promises to become the ‘crypto president’ — Law Decoded
David Attlee4 hours agoTrump promises to become the ‘crypto president’ — Law DecodedThe former United States president is intensifying his cryptocurrency advocacy as part of his 2024 presidential campaign.1189 Tota