Canadian Regulators Criticized for Neglecting Public Interests as Jeff Kirdeikis Stands with Binance
TrustSwap CEO Jeff Kirdeikis has expressed his disappointment with the regulations in Canada, stating that they have not adequately served the interests of the people.
In a tweet that garnered attention from the crypto community, Kirdeikis criticized Canadian regulators for their failure in addressing the needs of the public.
https://twitter.com/JeffKirdeikis/status/1671584218437275648?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1671584218437275648%7Ctwgr%5E415019166c35dc2d9e924f54937458d0bd15be7e%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fthenewscrypto.com%2Fregulation-news-trustswap-ceo-jeff-kirdeikis-slams-canadian-regulators%2F
TrustSwap’s CEO, in a tweet on June 21, expressed his frustration by stating that Canadian regulators are a joke. He further mentioned being compelled to withdraw his funds from a highly reputable and secure centralized exchange (CEX). This situation highlights his belief that the regulators are not effectively serving the interests of the people.
Canada Strengthens Regulatory Measures:
In recent months, Canadian regulators have been tightening regulations for crypto trading platforms, implementing a pre-registration process. Non-compliant companies may face regulatory actions, as stated on the Ontario Securities Commission website.
The country has introduced various regulations for cryptocurrency exchanges, including investor limits and registration requirements. The pre-registration process entails adhering to custody rules, such as separating crypto assets held for local clients, prohibiting margin trading and leverage, and requiring permission from the CSA to sell stablecoins.
As per the report, unregistered cryptocurrency trading platforms have a 30-day window to submit a new pre-registration undertaking. Failure or unwillingness to comply with the requirement may result in a ban on operating in Canada and the removal of Canadian users from the platforms.
Binance Exits Canadian Market
Binance, the largest crypto exchange globally, has announced its withdrawal from the Canadian market following new regulations. Expressing disagreement with the guidelines, Binance aims to collaborate with Canadian regulators to establish a comprehensive crypto framework.
The recent guidelines regarding stablecoins and investor limitations have rendered the Canadian market inaccessible for Binance.
Binance CEO Changpeng Zhao remains optimistic about the exchange’s return to the Canadian market, foreseeing a time when Canadian customers can access a broader selection of digital assets without limitations.
TrustSwap CEO Stands by Changpeng Zhao
Jeff Kirdeikis expresses his support for Binance in a tweet, encouraging them to “keep up the fight” amidst their departure from the Canadian market due to disagreements with new crypto guidelines. Additionally, Binance is currently engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC).
Bitcoin soars to $30,000, poised for further growth, as per Jeff Kirdeikis. He champions cryptocurrency as the future of money, defying corrupt regulators and politicians, emphasizing its empowering nature in restoring financial control to individuals.
Crypto enthusiast questions TrustSwap’s Canadian base, Jeff Kirdeikis clarifies its departure due to regulations and high taxes. Crypto community rallies behind Kirdeikis’s stance against Canadian regulations, showing ongoing support.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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