Ontario’s self-styled ‘Crypto King,’ Aiden Pleterski, was arrested and accused of fraud and money laundering related to an alleged Ponzi scheme following one of the most extensive fraud investigations the region has witnessed. The 25-year-old, along with his associate, 27-year-old Colin Murphy, allegedly stole approximately $30 million from unsuspecting victims. Crypto King’s Arrest The charges...Read More
Canada has imposed a fine against Binance – the world’s largest crypto exchange – for running afoul of the nation’s anti-money laundering rules last year. Per a public notice published on Thursday, the federal government said Binance didn’t comply with rules and registrations related to operating as a foreign money services business (FMSB). Binance Fined...Read More
Institutional investors in Canada substantially increased their cryptocurrency exposure last year compared to the previous bull market cycle, according to a recent survey by accounting firm KPMG. The consulting group’s bi-annual survey, “Institutional Adoption of Cryptoassets,” received 65 responses, including 31 institutional investors managing over $500 million in assets and 34 financial services organizations. Institutional...Read More
The province of British Columbia is taking proactive steps in its battle against financial crime, with the latest move targeting Michael Patry, the co-founder of the defunct Canadian largest crypto exchange, Quadriga CX. Mike Farnworth, Minister of Public Safety and Solicitor General, announced the filing of a third unexplained wealth order (UWO) with the British...Read More
During the pandemic, a new mandate requiring Canadian truckers that carried out trips across the border into the United States to receive the COVID-19 vaccine was wildly unpopular, resulting in what was known as the “Freedom Convoy” protest. Following a decision to protest the measure, truckers blocked the streets of Ottawa with their trucks and...Read More
Catalyx, a crypto trading platform based in Canada, suffered a security breach that resulted in the loss of customer funds in its custody. While the exact value of the loss is not mentioned, the platform has halted crypto and fiat withdrawals amid ongoing investigations. Catalyx Suspends Trading and Withdrawals CatalX CTS, the operator of Catalyx,...Read More
A recent study indicates that Canadians’ enthusiasm for crypto investment has diminished in comparison to the previous year. Moreover, they are now less inclined to perceive crypto as a significant factor in the current economy or anticipate its future importance. On November 29, the OSC released its “Crypto Assets Survey 2023,” conducted in collaboration with...Read More
Canadians are overwhelmingly opposed to their central bank researching and issuing a digital loonie, according to newly released survey results from the Bank of Canada. The report found that citizens and stakeholders are worried that the technology could violate their financial privacy, and wouldn’t be their payment method of choice compared to existing options. Why...Read More
The Calgary Police Service issued a warning to residents to beware of fraudsters who promise high returns on crypto investments, noting that Calgary victims have lost more than $22 million mostly to investment scams so far in 2023. Meanwhile, authorities believe crypto scams are still underreported despite huge losses. Calgary Police Receive More Crypto Scam...Read More
Bitstamp’s CEO, Bobby Zagotta, announced that the firm will be discontinuing its services to customers in Canada. The decision is set to take effect on January 8, 2024, and comes after Bitstamp informed its Canadian customers of the impending change back in March. Bitstamp to Exit the Canadian Market Bobby Zagotta, the U.S. CEO and...Read More
In a landmark development for the Canadian digital assets market, TMX Group, the largest exchange in the country, is set to launch Bitcoin (BTC) futures contracts on its derivatives trading platform. As per reports, Montréal Exchange’s (MX) move to launch a Bitcoin Price Index Futures is in response to the growing market demand for this...Read More
The cryptocurrency exchange Coinbase announced it has officially launched operations in Canada. As part of the initiative, the company introduced Coinbase One to local users – a 30-day trial offering zero trading fees and priority support. The firm has been coping with severe regulatory issues in its homeland, with most problems coming from the US...Read More
The Bank of Canada published a report on Wednesday outlining Canadian crypto ownership trends last year. Its Bitcoin Omnibus Survey found that Bitcoin (BTC) ownership across the country declined from 13% to 10% of the population in 2022. The report noted that the ownership decline occurred on the back of Bitcoin’s massive price decline of...Read More
Canadian law enforcement agents have reportedly arrested the 39-year-old Akil Heywood over allegations that he kidnapped, threatened, and beat Aiden Pleterski in December 2022. The latter supposedly orchestrated a crypto scam, draining over $40 million from investors. Records show that Heywood invested $740,000 with Pleterski, making him one of the countless victims. The alleged fraudster...Read More
Popular on-chain sleuth ZachXBT has unmasked another crypto scammer responsible for stealing millions of dollars in digital assets using sophisticated phishing attacks. The thief’s targets included the discord services for DeFi projects such as Orbiter Finance and Pika Protocol. Impersonation and Confiscation In a Twitter thread published on Monday, ZachXBT explained that the attacker, Soup...Read More
A Canadian House committee published a report on Wednesday providing 16 recommendations for how the nation’s government should regulate the blockchain industry – and they’re remarkably bullish. Crypto exchange Coinbase praised the report, saying it was “encouraged by the forward-thinking approach of the parliamentary committee.” Opening Canada to Crypto In its first recommendation, The Parliamentary...Read More
Popular cryptocurrency exchange Bybit announced it will be exiting the Canadian market, citing recent regulatory developments in the country as the reason behind its decision. The move follows similar decisions made by other exchanges that ceased operations in the North American nation. Starting May 31, new account openings will be unavailable, while existing customers will...Read More
The world’s largest crypto trading platform said it will be winding down its Canadian arm two years after being greenlighted to operate in the country. Binance mentioned a recent amendment in the local legislation that affected stablecoin deposits and purchases on exchanges. Binance announced its intentions on Twitter, saying it will “be joining other prominent...Read More
The British Columbia Securities Commission has accused ezBtc, a defunct Nanaimo-based cryptocurrency platform, and its founder David Smillie, of perpetrating a multimillion-dollar securities fraud scheme. The commission alleged that Smillie and his crypto firm lied to customers about the platform and diverted their assets to online gambling sites. ezBtc Allegedly Diverted $13M in Customer Assets...Read More
Ontario Teachers’ Pension Plan (OTPP) – Canada’s largest single-profession pension plan – decided not to rush into another cryptocurrency investment following its bad experience with FTX. The organization was among the prominent backers of the now-bankrupt exchange, investing $95 million. The dramatic crash, though, shrank that sum to virtually zero. Change of Heart After the...Read More
A couple from Toronto became the latest to fall victim of a cryptocurrency scammer. They lost around $300,000 in an elaborate scheme. However, in this case, law enforcement agents managed to recover a “significant portion” of the lost funds and returned them to the victims. Another Crypto Scam in Canada The Toronto Police Service announced earlier this...Read More
Pushing on the new industry standard to boost transparency, OKX released its fifth proof-of-reserves (PoR) report. The latest edition demonstrated that the Seychelles-based crypto exchange holds clean assets worth $8.9 billion in BTC, ETH, and USDT. Data shows that OKX’s wallets have 138,405 BTC, 1,325,259 ETH, and 3,264,352,204 USDT against user balances of 134,289 BTC,...Read More
Stephen Carr – a resident of Meaford, Ontario – said he lost his entire life savings of nearly $500,000 after being conned into a cryptocurrency scheme on YouTube. Scammers have used the video-sharing website multiple times to lure victims. Some have even uploaded fake recordings of famous people, including Elon Musk, Steve Wozniak, Bill Gates,...Read More
WonderFi Technologies – a tech company that provides access to decentralized finance (DeFi) – has reportedly been mulling a merger agreement with the trading platform Coinsquare. The goal would be to establish the largest cryptocurrency exchange in Canada. A Deal on the Horizon As reported by Bloomberg, the two parties have been in advanced merger...Read More
The number of bitcoin automated teller machines (ATMs) has surged in accordance with the development of the cryptocurrency industry. The first such machine saw the light of day in October 2013. Needless to say, the industry has expanded by leaps and bounds since then, propelling massive interest and, in turn, more ATMs. Currently, there are...Read More
With FTX’s collapse spurring global regulators into action against the crypto industry, the Canadian Securities Administrators (CSA) are no exception. On Monday, the association announced an expanded ruleset pertaining to crypto trading platforms in Canada, which would bar them from offering margin or leverage trading to Canadian clients. No More Leverage As announced by the...Read More
The Canadian government will begin consultations on cryptocurrencies, stablecoins, and CBDCs. The ruling body maintained that such assets should function under strict supervision since they could facilitate illicit operations and pose “a challenge to democratic institutions.” Crypto is Among the Budget’s Priorities As disclosed in its mini-budget 2022, Canada’s federal government will aim to impose...Read More
Bitcoin reached past $21,000 on Wednesday for the first time since mid-September, following a lower-than-expected rate hike at the Bank of Canada. Economists say the move may signal a reversal from the central bank’s tight monetary policy stance. The Effect of Rate Hikes Canada’s central bank, which announced a 50 basis point increase to its...Read More
The US Department of Justice confiscated 719 bitcoins from the 35-year-old Canadian – Sebastien Vachon-Desjardins – for participating in the NetWalker ransomware attacks. At the time of the seizure, the amount of cryptocurrency equaled nearly $22 million. Prison Time for the Criminal According to a recent announcement, Vachon-Desjardins was involved in a sophisticated type of...Read More
The Toronto-based crypto exchange Coinberry has reportedly lost around $3 million in Bitcoin due to a software glitch in 2020. It was during a software upgrade that erroneously enabled users to purchase BTC with Canadian dollars that had yet to be properly transferred to their accounts. That loss of about 120 Bitcoins was not known...Read More
