FTX crash sparks crackdown in Canada; Trade platforms have 30 days to prove they’re following rules – The Toronto Star

Matthew T. Burgoyne

Feb 23, 2023

With the crackdown on unregulated cryptocurrency trading platforms, companies are also not being allowed to offer stablecoins unless they receive specific permission from regulators. These stricter rules will not be popular with some trading platforms and investors since stablecoins are typically pitched as a quicker, safer way to get money in and out of a platform, says Matt Burgoyne, in an interview with The Toronto Star.

‘Some people won’t be happy about it,” says Matt. “But a lot of people were expecting a complete ban on stablecoins, so this is less restrictive than that.”

The rules are aimed at cryptocurrency platforms that have not yet registered with securities regulators in Canada. Crypto trading platforms now have 30 days to assure regulators they are following some specific rules if they want to keep serving Canadian clients.

Read the full article by author Josh Rubin published by The Toronto Star on February 23, 2023..