1. Binance Pulls Out of Ontario Following Actions Against Other Crypto Exchanges
“Binance can no longer continue to service Ontario-based users,” the exchange said Friday.
Binance is no longer open for business in Canada’s most populous province, apparently choosing to close shop rather than meet the fate of other cryptocurrency exchanges that have had actions filed against them for allegedly failing to comply with Ontario securities laws.
Binance’s withdrawal follows publication of a Statement of Allegations last week against Bybit by the Ontario Securities Commission (OSC), which accused that crypto exchange of failing to comply with province regulations.
In the preceding 30 days, OSC had issued statements of allegations against two other crypto exchanges, Poloniex and KuCoin, claiming that they too failed to comply with Ontario regulations.
On March 29, the OSC warned crypto-asset trading platforms that to operate in the province they had to contact OSC staff or face potential regulatory action. Platforms were given until April 19 to discuss how to bring their operations into compliance.
It wasn’t clear whether Binance had reached out to the OSC. A company representative said Binance doesn’t comment on specific matters regarding regulators.
“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion,” he said.
The company has advised Ontario-based users to close out all active positions and that they have until the end of the year to withdraw their funds, according to the representative.
Regardless of the exact circumstances, the world where Binance is welcome to do business has grown a little smaller as of late. On Saturday, a U.K. financial watchdog issued a warning that Binance isn’t authorized to operate there while on Friday, Japan’s securities regulator issued a similar statement.
2. Bitcoin Investors Sit on Sidelines ‘Licking Their Wounds’ Despite 15% Bounce on Weekend
The absence of strong trading volumes points to a lack of institutional and retail interest, according to one expert.
Bitcoin climbed more than 15% over the weekend as prices bounced from four-day lows after a sharp sell-off last week.
Prices Monday were slightly higher, with one bitcoin (BTC, +5.83%) fetching around $35,000 at press time. One expert said more is needed to continue driving gains in the current climate of fear, uncertainty, and doubt (FUD).
On Friday, the world’s first cryptocurrency fell more than 8% despite rallying 5% during the Asian trading session, bolstered by news of El Salvador’s confirmed date of its bitcoin law and a $30 bitcoin e-wallet airdrop.
3. China’s Longest-Running Crypto Exchange Closes Bitcoin Business Following Crackdowns
The closure represents the final nail in the coffin for the crypto-trading side of BTCC’s operations.
One of China’s longest-running cryptocurrency exchanges has shut its bitcoin (BTC, +5.76%) business as it jumps in line with the country’s latest anti-crypto crackdowns.
BTCChina, which was founded by Huang Xiaoyu and Yang Linke in 2011, said Thursday it had completely exited from business relating to bitcoin, the South China Morning Post reported.
The company’s stake in Singapore-registered bitcoin exchange ZG.com was sold to a foundation in Dubai a little over a year ago, the report revealed.
4. Singapore’s DBS Bank Enlists Nivaura’s ‘One-Click’ Blockchain Security Issuance
Nivaura is also launching the open-source GLML Foundation to help create automated tokenized securities.
London-based technology firm Nivaura is working with Singapore’s DBS Bank on a blockchain-based bond platform with the power to deliver “one-click issuance,” the companies said Monday.
It’s a good match: Nivaura has gone deep when it comes to tokenizing securities, working closely with partners like the London Stock Exchange Group (LSEG). DBS, with the support of the Monetary Authority of Singapore (MAS), is a leader when it comes to institutional involvement in cryptocurrency and digital assets.
In the early days of blockchain explorations, evangelists for the tech questioned the need for infrastructure such as central securities depositories (CSDs) as a decentralized future came into focus.
5. Polygon DeFi Protocol SafeDollar Hit by Exploit
Polygon-based decentralized finance (DeFi) protocol SafeDollar has been hit by an exploit, according a statement on its Telegram channel.
All activities on SafeDollar are paused and investigations were underway, it said.
“IMPORTANT: PLEASE STOP ALL TRADING RELATED TO $SDO,” it added.
The value of SafeDollar has dropped to $0, according to the protocol’s website.
The exploit used tether and USD coin, beincrypto.com reported, citing a tweet by DeFi analytics site Rugdoc.io Monday.
The contract address shows USDC and USDT were siphoned off.
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June 28, 2021