Canada to Tighten Rules for Crypto Exchanges Later This Month

Later this month, Canada’s umbrella markets regulator, the Canadian Securities Administrators (CSA), will tighten requirements for cryptocurrency exchanges operating in the country, according to two people who have been briefed on the plans.

The collapse of FTX, among other failings in the crypto industry, has speeded the resolve of the CSA, which announced midway through last year that it required certain compliance "commitments" from unregistered crypto trading platforms operating in Canada while they pursue registration.

The U.S. Securities and Exchange Commission has already begun accelerating its crackdown on crypto companies. Other G-7 countries like the U.K. and Canada are likewise increasing their efforts to police the industry in the wake of last year's disasters.

Some Canadian industry players are worried about the possibility of onerous demands to acquire individual approvals from principal regulators in various territories, for instance. As it stands, some of Canada’s marketplace rules governing alternative trading systems are not passport-able to other jurisdictions.

The CSA's strengthening of its oversight of crypto trading platforms will impact some of the large global exchanges operating in the country. Binance Canada, for example, has had run-ins with the OSC in the past.

(Source: CoinDesk)