Tag: Osc

Ontario Securities Commission Criticizes Binance for Incomplete Registration

by Blockchain News

The Ontario Securities Commission (OSC) of Canada stated that Binance has not yet obtained the legal operating qualifications for the province of Ontario.

In a statement on its website on Thursday, OSC condemned Binance for telling users on its platform that they have succeeded in continuing to operate in Ontario, but they have not yet registered under Ontario’s securities laws.

In the official statement issued by OSC, it read that:

“This is unacceptable. Binance has issued a notice to users, without any notification to the OSC.”

On Wednesday, Binance sent a memo to its users stating that the company has cooperated with regulators to ensure continued operations and that users in Ontario do not need to close their accounts before December 31, 2021.

Ontario is Canada’s most populous province. OSC stated in its statement that Binance “has no right to provide derivatives or securities transactions to individuals or companies in Canada’s most populous province” as Binance Group did not conduct any form of securities registration in Ontario, and this move is not compliant.

The committee listed the six encryption platforms that have been registered with OSC this year as follows:









Weathsimple

June 18

Coinberry

Aug. 19

Netcoins

Sept. 29

Coinsmart

Oct. 21

Fidelity

Nov. 16

Bitbuy

Nov. 15

The exchange stated on Thursday that there was “misinformation” and explained the incident:

“We did not meet directly with the Ontario Securities Commission about our intentions, which was clearly an error that we are correcting. We will provide updated guidance to users as soon as possible.”

Binance has promised OSC to ensure that no new transactions will be made on its platform after December 31.

Image source: Shutterstock

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Brazil’s CVM Approves Latin America’s First-Ever Bitcoin ETF

by Btcmanager

This year has been a promising one for Bitcoin ETF approvals as yet another exchange-traded fund monitoring the success of the first-ever cryptocurrency will arise – this time, in Brazil.  CVM, Brazil’s exchange commission,  gave QR Capital’s application the go-ahead, and the commodity, QBTC11, will be live on the Sao Paulo stock exchange.

Bitcoin ETF Approved in Brazil

QR Capital notes that this is the fourth Bitcoin ETF to emphasize the importance of the CVM decisions.

Brazil became the second country to authorize a Bitcoin-tied ETF after three of these were released in Canada earlier this year. B3 is also the second stock exchange worldwide to provide access to this commodity.

QR Capital has its headquarters in Rio de Janeiro and is known in Latin America as “the largest crypto asset manager.” The organization recently tried its hands on the growing tendency to apply for the Bitcoin ETF, and today it revealed the green light from the Brazilian watchdog.

The prominent Sao Paulo stock exchange will host the exchange-traded fund live, under the QBTC11 ticker. The contracts are exchanged and run by the Chicago Mercantile Exchange (CME), and the BTC future contracts follow the CME CF Bitcoin Reference Rate.

QR Capital said it would allow local citizens more straightforward and easy to get to grips with primary crystal without worrying about storing and handling the properties by launching Bitcoin’s initial ETF in Latin American countries.

The Clock is Ticking in the U.S.

Recent approvals of Bitcoin ETFs have been listed in the publication. As previously reported by CryptoPotato, BTCC – the BTC ETF product launched by Intent Investments, was authorized by the Ontario Securities Council (OSC).

In the first month following its publication, this initiative was a huge success. Purpose Investments yesterday revealed that its Bitcoin-ETF had only reached $1 billion in assets under management on its one-month anniversary.

The U.S. $5 trillion ETF Market is yet to come from Bitcoin. VanEck, WisdomTree Investments, and NYDIG submitted their proposals to the  SEC earlier this year. Others such as Valkyrie Digital Assets and VanEck Associates Corp are also waiting for approval from the securities regulator.

Earlier this week, VanEck’s filing, now available in the Federal Register, was formally recognized by Regulator. The SEC is scheduled to decide in May following the comment period up to April 9.

The business has taken the U.S. ball, where the SEC has so far denied all applications by Bitcoin ETF. QR Capital does, however, conclude that the QBTC11 approval will accelerate the launch of a similar product in the U.S.

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Canada: Second Bitcoin ETF Set to Commence Trading on Toronto Stock Exchange

by Btcmanager

The Canadian Evolve Bitcoin exchange-traded fund (ETF) is on course to join the Toronto Stock Exchange (TSE) under the name EBIT. The Exchange of Canada, which regulates all capital markets, granted it exempt status and will provide it to corporations.

EBIT is The Second Approved ETF on TSE

The Exchange of Canada’s rules is systematized and regulated, placing regulations on stocks, commodities, and other types of products.

The fund comes as the second bitcoin ETF given the green light by the Ontario Securities Commission(OSC). Purpose Investment had its bitcoin ETF approved as the first on the Toronto Exchange on the 18th of February this year. 

Evolve’s CEO Raj Lala, expressed delight on the matter saying,


“The recent institutional adoption has helped further legitimize the progress of bitcoin…..Being able to offer an ETF which holds physical bitcoin is a real game-changer in Canada.”

A Breakthrough on the Digital Market

Since its first launch, the ETF has built up massive popularity and outshined more conventional options. Purpose’s bitcoin ETF was one of Toronto’s highest-ranking securities after its launch. According to data from the exchange tracker TMX group, approximately 10 million shares were sold during the ETF debut day.

Bitcoin ETFs are becoming more popular by the day as they give people an insight into having BTC without necessarily holding the digital coins. According to Bitcoin Private, bitcoin attracts a small number of knowledgeable traders who want to profit from rapidly improving technology. The bitcoin technology is a fresh swim in the storm for many investors who will ultimately determine its final success.

The OSC’s approval of bitcoin ETFs has encouraged investors in the US to push the United States Securities and Exchanges Commission(SEC) to include ETFs in the digital market. Nevertheless, the SEC has turned down several requests filed by exchanges to trade bitcoin ETFs, resonating the action from security concerns.

Bitcoin ETFs Moving Past Hurdles

Bitcoin is increasingly gaining ground as a currency, like the United States Dollar, which also functions similarly to a conventional currency. However, analysts warn investors to be very careful while handling their portfolios because of how volatile the digital coin’s price is.

Amy Arnott, a portfolio analyst, supported the idea of including bitcoin ETFs on the market, saying it comes as a ‘holy grail.’ Although happy about ETF in exchanges, the analyst continued to say the bitcoin price volatility is a concern.

The bitcoin exchange-traded fund represents a quantum leap from conventional investments in virtual currency. Bitcoin is not backed by any central bank, is decentralized, and its transaction records are not stored in any central database. The spread between the price when you buy it and the price you sell it at are proof that it operates without any central authority or middleman.


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