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Canadian House Finance Committee Recommends Crypto Regulation to Prevent Money Laundering

The Canadian House Finance Committee has put forward three suggestions for regulating cryptocurrencies, citing money laundering concerns. The Canadian House Finance Committee has recommended that the government start regulating cryptocurrencies to prevent money laundering, Canadian digital newspaper iPolitics reports Nov. 14. According to iPolitics, the Canadian House Finance Committee suggested that cryptocurrencies should be regulated during its review of the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA), which occurs once every five year. The committee held 18 meetings for the PCMLTFA review, which started in February. As a result of the review, the committee put forward three ways for the government to regulate cryptocurrencies. The first recommendation is to control the exchange from fiat to cryptocurrency, defining the entity conducting the exchange as a money-service business. This recommendation is in line with the draft of new cryptocurrency regulat..

Judge Rules in Favor of Canadian Bank in Dispute With Crypto...

An Ontario Superior Court Judge has ruled with the Canadian Imperial Bank of Commerce in a dispute with Canada’s largest crypto exchange regarding frozen funds. A $19.6 million disputed sum between Canada’s largest crypto exchange QuadrigaCX and the Canadian Imperial Bank of Commerce (CIBC) has been handed into the custody of the Ontario Superior Court, per a court document filed Nov. 9. On Oct. 8, Canadian newspaper the Globe and Mail reported that Vancouver-based QuadrigaCX had been experiencing difficulties accessing $16.3 million of its funds since January, when CIBC froze five accounts belonging to the exchange’s payment processor, Costodian Inc., and its owner, Jose Reyes. The bank purportedly froze the accounts due to an inability to identify the funds’ owners. CIBC subsequently requested the court to withhold the disputed funds and decide whether they belong to QuadrigaCX, Costodian, or the 388 users who had deposited the funds. In response, QuadrigaCX told the court that the ..

Canadian Holding Firm to Acquire EXMO Crypto Exchange Per Letter of...

Major crypto exchange EXMO has signed a Letter of Intent for Canadian publicly-traded holding company GoverMedia Plus Canada to acquire the platform. Canadian holding firm GoverMedia Plus Canada will acquire U.K.-based crypto exchange EXMO per a recently signed a Letter of Intent (LOI), according to a joint announcement published Nov. 13. The LOI reportedly enables GoverMedia to exclusively negotiate the transaction within the next 180 days. Upon the completion of the transaction, the joined entity will continue to conduct business on the EXMO platform and will be listed on a stock exchange. According to the announcement, the acquisition deal will “comply with all necessary legal and regulatory requirements” after observing due diligence measures. The LOI implies that the final structure of the transaction will be determined by a mutual agreement between GoverMedia and EXMO. Commenting on the recent agreement, GoverMedia CEO Roland J. Bopp claimed that the successful completion of thi..

Canadian Bank Set to Launch Uncheckable ‘Deposit Box’ for Cryptocurrency

A subsidiary of Canadian bank VersaBank has completed beta testing of its new solution, which targets exchanges and crypto funds as clients. A subsidiary of Canadian financial institution VersaBank confirmed it had finished beta testing of a “digital vault” for storing cryptocurrency in a press release Nov. 8. VersaVault, which announced its so-called “digital safety deposit box” in February, is aiming to attract crypto exchanges and funds as clients for the new tool. The product provides cryptocurrency storage on servers dotted throughout the world, the deposit box element lying in the fact the bank itself can neither brute force the digital ‘boxes’ nor know their contents. “While many are considering ideas and plans for a digital safety deposit box, we have designed and built it, and are now commercializing a first of its kind service,” David Taylor, president and CEO of VersaBank and VersaVault commented in the press release, adding: “...The VersaVault will now begin rolling out se..

Canadian Bitcoin Mining Firm Hut 8 Sees Record High Revenue in...

Toronto-based Bitcoin mining company Hut 8 has seen record high revenue in the third quarter of 2018, which reached $13.5 million, with $27.7 for the nine months ending on Sep. 30. Canadian Bitcoin (BTC) mining company Hut 8 has reported record revenue in the third quarter (Q3) of 2018, according to the company’s quarterly financial report published Nov. 8. Hut 8, which claims to be “the largest” public crypto mining company by operating capacity and market capitalization, has revealed its financial results for Q3 of this year, stating that its revenue reached a record high $13.5 million for Q3, and $27.7 million for the nine months ending on Sep. 30. Revenue increased by 126 percent compared to the previous quarter revenue of $5.9 million. Hut 8 attributed the increase to its deployment of 16 Bitfury BlockBoxes in September at its mining facility in the City of Medicine Hat, for an aggregate of 56 BlockBoxes at that site. Each BlockBox contains 176 mining servers and reportedly has a..

Canadian Firm to Build Blockchain-Based Supply Chain Platform for Cannabis Industry

Diversified crypto and blockchain firm DMG Blockchain will develop a blockchain-powered platform to manage supply chains in the Canadian marijuana industry. Canada-based blockchain and crypto company DMG Blockchain Solutions Inc. (DMG) has announced the development of a global supply chain management platform for the legal cannabis industry, according to an announcement published Oct. 17. As reported by Canada’s national public news and information service CBC, the country’s government officially legalized recreational marijuana as of today. Cannabis was previously available only for medicinal use within the country. According to Health Canada, there are currently over 120 licensed cannabis producers in Canada, where one of the top producers has already stated that labor shortages and supply chain issues could lead to scarcity soon after it becomes legal. DMG is currently negotiating with marijuana industry players, quality assurance labs, distributors, and regulators about launching ..

Canadian Cloud Mining Powerhouse Nuvoo Revolutionizes Cloud Mining Industry with a...

Advertisement This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. Nuvoo, the largest crypto ecosystem mining company in Canada, is now taking giant strides towards emerging as the world’s leading platform for convenient and profitable cryptocurrency mining. The company has just released a new bitcoin contract that will completely change the game for the industry, with a month-to-month concept based on a 24-month payment for an open-ended contract. October 16, 2018: As one of the world’s most trusted crypto mining companies, Nuvoo proudly announces the release of a new bitcoin contract that promises to have a significant impact in the global crypto space. With these ne..

Canadian Crypto Crypto Exchange QuadrigaCX Blames Major Bank for Delays

Canadian crypto exchange QuadrigaCX blames a major bank for delays in cashing out funds. Canada’s largest digital currency exchange QuadrigaCX is blaming legal action from a major bank for delays when customers cash out funds, the Globe and Mail reported Oct. 8. Vancouver-based crypto exchange QuadrigaCX was launched in 2013 and is known as the first exchange in Canada to be licensed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). At press time, Quadriga’s daily trading volume is around $600,000 per CoinMarketCap. Quadriga reportedly states that it has been experiencing difficulties accessing $21.6 million of its funds since January when the Canadian Imperial Bank of Commerce (CIBC) froze five accounts belonging to the exchange’s payment processor, Costodian Inc., and its owner, Jose Reyes. The bank purportedly froze the accounts due to an inability to identify the funds’ owners. From Dec. 4, 2017, to Feb. 20, 2018, 388 users reportedly deposited a total..

Major Canadian Exchange Announces Support of EOS Token

Advertisement This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. NDAX Becomes Canada’s First Cryptocurrency Exchange to Offer EOS/CAD Trading Pair National Digital Asset Exchange (NDAX) has announced they will be adding support for EOS token effective Thursday, September 13, 2018. NDAX is the first exchange in Canada to offer the EOS/CAD trading pair and it is the sixth cryptocurrency listed on the exchange after Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). With the addition of this new coin, crypto traders across Canada now have the ability to trade into EOS directly with their Canadian dollars in the fastest, safest and most af..
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