F|T: The FinTech Times – Canadian FinTech startups are tired of open banking waiting games
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With No Open Banking Update in #Budget2023, FinTech Leaders Growing Weary of Delivery Timeline (BETAKIT)
Despite the Open Advisory Committee’s call for the federal government to move aggressively to implement the first phase of the system by January 2023, and the Liberal Party’s 2021 election promise to implement a made-in-Canada model “by early 2023 “, the system is still delayed.
The federal budget, tabled on March 28, did not include a mention of the future system.
Binance and CEO Changpeng Zhao Sued by CFTC for Trading and Derivatives Violations (TECHCRUNCH)
Binance, the world’s largest crypto exchange by volume; its CEO Changpeng Zhao; and Chief Compliance Officer Samuel Lim, are being sued by the US Commodity Futures and Trading Commission, according to a filing on Monday.
The exchange has never registered with the CFTC in any capacity and has “disregarded federal laws” for US financial markets, including laws implementing controls to prevent and detect money laundering, terrorist financing, among other aspects, the filing states.
PureFacts acquires Xtiva to strengthen its revenue management solutions (BETAKIT)
According to Toronto-based PureFacts, the deal combines its infrastructure for gross and net fee calculations and reporting, with Xtiva’s technology and expertise in incentive and performance compensation. This consolidated entity, which will operate under the PureFacts umbrella, is expected to offer a “complete” revenue management solution.
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Binance hid extensive links to China for years
(FINANCIAL TIMES)
Binance hid significant links to China for years, contradicting executives’ claims that the crypto exchange left the country after an industry crackdown in late 2017, according to internal company documents seen by the Financial Times.
The documents underscore the extent to which Binance, now the world’s largest crypto exchange, has sought to obscure the scale and location of its operations as regulators scrutinize crypto-related activity.
Federal #Budget2023 includes cleantech commitments, little else for innovation (BETAKIT)
The Government of Canada’s 2023 budget is out, and it’s heavy on cleantech and light on innovation.
Key commitments include $500 million for cleantech investments through the Strategic Innovation Fund, and a number of new cleantech and clean energy investment-related tax credits totaling billions of dollars. In addition, central banks are introducing crypto asset disclosure guidelines for federally regulated financial institutions and pension funds in the wake of high-profile failures such as FTX.
The crypto industry pushes back on stricter stablecoin rules (THE LOGIC)
A group of prominent Canadian crypto companies that includes Wealthsimple, Coinsquare and WonderFi is pushing back against regulators’ plans to treat stablecoins as securities, The Logic has learned.
Ontario budget gets accolades for streamlining procurement, increasing access to skilled talent (BETAKIT)
The province committed to providing an additional $2 million to the Futurpreneur program, $224 million to a new capital stream from the Skills Development Fund to leverage private sector expertise, and increasing the Ontario Immigrant Nominee Program by an additional $25 million over three years to attract more skilled workers.
FreshBooks lays off 10 percent of employees as company aims for profitability (BETAKIT)
The layoffs affected about 80 members of the accounting software company’s 800-person team, according to a letter obtained by BetaKit that was sent to FreshBooks employees.
This reduction in headcount marks FreshBooks’ second round of layoffs in recent months.
Crypto exchange Kraken commits to tougher rules required by Canada (COINDESK)
US-based cryptocurrency exchange Kraken will continue to operate in Canada and comply with tougher rules set by the country’s financial regulator, the Canadian Securities Administrators.
While some major crypto players have left the Canadian market due to the stricter regulations, Kraken is sticking around and will notify customers of service changes and their impact in the coming months.
Québec budget aims to stimulate economy with investments in technology sectors, skilled labor (BETAKIT)
Quebec Finance Minister Eric Girard released the 2023-2024 budget, making it clear that the provincial government is committed to economic growth. The plan earmarks $900 million for new initiatives meant to spur economic productivity and innovation, and $615 million to address the labor shortage.
Bittrex shuts down US crypto exchange due to ‘regulatory environment’ (DECRYPT)
Bittrex co-founder and CEO Richie Lai said on Twitter that it was not “financially viable” to continue operating the exchange in “the current US regulatory and economic environment.”
The US Securities and Exchange Commission has launched its toughest crackdown on the crypto industry yet, hitting a number of US crypto companies with fines – including popular Kraken last month.
