Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Voices
CanadaHelps: Great Canadian Giving Challenge June 1-30
CanadaHelps | May 26, 2023
It’s easy to join the Great Canadian Giving Challenge June 1-30, 2023! Enter to win $20,000 for any Charity*:
1. Search: Find your favourite charity that you want to help win.
2. Donate: Every $1 donated this June on CanadaHelps.org is a chance to win!*
3. Celebrate: Feel good knowing the impact your donation made and wait to see if your gift is the winning donation when the grand prize winner is drawn on July 1st, 2022!
Learn more --> Now
Also accepting crypto donations!
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Dispelling FUD: Why Binance’s Exit from Canadian Crypto Markets Strengthens Canada’s Ecosystem
Coinsmart | Justin Hartzman | May 25, 2023 | Last updated: Oct 28, 2026
Binance's recent withdrawal from the Canadian market due to regulatory concerns has sparked fear and uncertainty among the community. However, contrary to popular belief, strict crypto regulations in Canada aim to enhance investor safety and foster a thriving industry ecosystem.
Oct 28, 2026 Update: Binance’s 2023 exit did not end its Canadian regulatory story. The company’s dispute with the Ontario Securities Commission has since reached the Supreme Court of Canada, raising broader questions about regulatory powers, compulsory document demands and the obligations firms may continue to face after leaving a market. Read the full NCFA Story, Binance Left Canada but the Fight Reached Supreme Court.
- Binance's Exit Explained:Binance's withdrawal from the Canadian market is linked to the new regulations introduced by the Canadian Securities Administrators (CSA). These regulations require crypto asset trading platforms (CTPs) to meet specific requirements.
- They include segregating client assets
- Appointing a Chief Compliance Officer
- Prohibiting leveraged trading
- Banning stablecoins
- Failure to comply leads to cessation of operations. Binance, along with OKX and DyDx, has exited the Canadian market due to these regulations.
See: PwC Partner and Fintech Lead Interview: “Fintech is Becoming Crypto’
- The need for crypto regulations in Canada arose after the industry suffered from a "crypto contagion" in 2022, resulting in financial losses for individuals and institutions. Regulations aim to protect citizens, stabilize the banking system, combat fraud, enhance digital security, prevent illicit activities, and establish industry standards.
- Regulations should be approached with caution, aiming to protect consumers while fostering innovation. Collaborative efforts between regulators and industry leaders are crucial for evaluating feasibility and promoting fair planning. Moderate regulation can drive innovation, as seen in other industries, indicating that the cryptocurrency market can thrive under regulations, ensuring transparency, trust, and auditable standards for consumers.
- Avoiding FUD:
- Despite Binance's exit from Canada, there are still thriving cryptocurrency trading platforms like CoinSmart operating in the country.
- The Canadian crypto scene is not dead; in fact, regulators are creating a strong framework for a thriving ecosystem and preventing potential industry disasters. Regulations play a vital role in maturing the industry.
Crypto regulations in Canada are not a roadblock but rather a guiding light for the industry. While they challenge us to innovate responsibly, they simultaneously foster trust and stability. At CoinSmart, we see this as an opportunity for growth rather than an obstacle. We believe in a crypto future where regulation and innovation coexist, leading to a thriving ecosystem not only for CoinSmart but for the Canadian crypto community at large.”
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Don Tapscott: We Need a New Social Contract for the Digital Age
The Toronto Star | Don Tapscott | May 20, 2023
The possibilities of artificial intelligence on our economies and culture are spectacular, and its dark side is equally breathtaking. We need a new social contract.
- The Power and Peril of Generative AI:
- Don Tapscott's experience with ChatGPT, a generative AI, reveals the impressive capabilities of the technology - creating high-quality content in a matter of seconds, translating text into multiple languages, and adopting various stylistic approaches.
- However, he underscores the dangers, such as AI's potential misuse for spreading false information or its impact on jobs and labor markets.
- As AI generates content, it raises serious questions about copyright ownership and the authenticity of created works.
- Who owns the AI-generated content - the AI model creator, the AI user, or the AI itself?
- How can teachers or music labels differentiate between original works and AI-generated pieces?
See: NFX: Hot List of 75 Emerging AI Startups (Seed, Series A)
- New Social Contract:
- The rise of generative AI, along with other technological advancements like IoT and Web3, marks the beginning of the Second Era of the Digital Age, which requires new institutions, laws, education, and behaviors to responsibly harness these technologies.
- Tapscott emphasizes the need for a new social contract that takes our new-found capabilities into account and echoes the sentiment by saying:
"It’s my belief that our newer technologies have pushed us to a tipping point and that we need to begin developing the blueprint for a new social contract that takes our new-found capabilities into account."
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Former Insiders Allege Binance, Commingled Client Assets and Company Revenue
Reuters | Angus Berwick and Tom Wilson | May 23, 2023
According to sources familiar with the matter, Binance, the world's largest cryptocurrency exchange, is alleged to have commingled customer funds with company revenue in 2020 and 2021.
- Potential Breach of U.S. Financial Rules:
- This practice breaches U.S. financial rules that mandate customer money to be kept separate.
- The sums in question reportedly run into billions of dollars, and commingling allegedly happened almost daily in Binance's accounts held at U.S. lender Silvergate Bank. This lack of separation potentially puts client assets at risk by obscuring their whereabouts.
- Binance's Response:
- Binance has denied the allegations, stating that the accounts in question were not used to accept user deposits but were used to facilitate user purchases of crypto.
- The company asserts that there was no commingling because these accounts held 100% corporate funds. When users sent money to the account, they were buying Binance's bespoke dollar-linked crypto-token, BUSD, according to a Binance spokesperson.
See: Binance Withdraws from Canadian Market due to Tightened Crypto Regulations
- Contradictions in Binance's Claims:
- Despite Binance's assertions, previous representations by the exchange to its customers characterized the transfers as deposits, undermining Binance's current explanation.
- Furthermore, the U.S. Commodity Futures Trading Commission has alleged that Binance allowed U.S. customers to trade on its platform from 2019 to this year, despite publicly claiming to restrict access to Americans. Binance has responded by stating that it blocks U.S. users.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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What’s the Commercial Value of Business Purpose?
The Business Purpose Project | Phil Preston | May 18, 2023
Image: Phil Preston
If you've ever wondered "what's the commercial value of business purpose clarity?" then the PwC Australia case study playing out right now is one for the ages.
- [PwC Australia] is accused - as advisers to government under non-disclosure agreements - of using confidential information for commercial gain, tipping off their clients of looming tax changes and helping them develop work arounds (refer PwC's statement or ABC's video summary).
- Whether it can survive and recover is anyone's guess, with criminal charges not out of the question. And it's not a case of a rogue consultant, this went far and wide within the firm.
- What is PwC's purpose statement I hear you ask?
"Our purpose is to build trust in society and solve important problems"
FFCON23 Video: Advancing Fintech's Purpose by Phil Preston
- Companies need to do more: Phil Preston, an expert in corporate purpose statements, urges that these statements are often eloquent and inspiring, but represent mere intentions rather than a commitment to action. Despite the importance of purpose statements, many companies struggle to actualize them. Executives and directors are grappling with the challenge of implementing corporate purpose, which goes beyond creating a compelling statement.
- It starts with effective governance, establishing metrics to measure delivery on purpose, and assigning accountability.
- Misalignment between remuneration and the firm's purpose, as evidenced by PwC Australia, can lead to adverse consequences.
- Implementing corporate purpose requires integrating societal benefits into the organization's DNA, rather than treating them as yearly objectives.
- Once governance is mastered, which few firms have done successfully, goals and metrics should influence strategy, operations, and people. It's less about revolutionizing business practices and more about adopting a purposeful perspective on existing processes.
- Despite the effort, the payoff is worthwhile. Neglecting this may lead to existential crises, like PwC Australia's case, where partners prioritized personal gain over client interests. Their situation underscores the value of trust in business.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Fred Pye, 3iQ: Bitcoin FOMO is all Gone
Cointelegraph | Anna Paula Pereira | May 20, 2023
Image: Freepik
According to Pye, fund managers and institutional investors running diversified portfolio assets seek alternative investment strategies amid a global inflationary environment and macroeconomic challenges.
- In the current subdued climate surrounding Bitcoin, institutional investors and fund managers are starting to regard cryptocurrency as a viable investment channel, suggests Fred Pye, CEO of 3iQ, the first Bitcoin fund issuer in Canada.
- Speaking at the Bitcoin 2023 conference, Pye attributed this shift to Canada's progressive crypto trading regulations, which have made the digital assets market more accessible.
- Amid global inflationary pressures and macroeconomic instability, portfolio managers are seeking out alternative investment strategies, with Bitcoin now being seriously considered.
- Pye believes that beyond profit maximization, the real future trend for institutional investors lies in crypto use cases.
See: PwC Partner and Fintech Lead Interview: “Fintech is Becoming Crypto’
- Canada is spearheading the way in crypto ETFs (exchange-traded funds) amidst the hesitant approach of the United States Securities and Exchange Commission towards the sector.
- The Canadian regulators' endorsement of several crypto ETFs, including Bitcoin and Ether, from companies like 3iQ, Purpose Investments, and Evolve Funds Group, has drawn significant capital to these crypto products. Pye equated running a Bitcoin ETF to managing a gold ETF and emphasized that they only acquire 'clean' Bitcoin.
- As Canada pushes forward with its digital assets strategy, public consultation is underway concerning a potential central bank digital currency, with the results expected later this year.
Fred Pye, 3iQ:
“The FOMO in Bitcoin is gone; it’s all moved over to AI [artificial intelligence]. So now the institutions and the proper portfolio managers — the people that are responsible for running diversified portfolios — are now starting to take a look at Bitcoin as a serious venue.“
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Sam Altman’s Worldcoin is Making Waves with Iris-Scanning Tech for Orb Operators
Fortune Crypto | Ben Weiss | May 15, 2023
OpenAI's CEO Sam Altman is nearing $100 million in funding for his cryptocurrency project, Worldcoin.
- Worldcoin's Unique Approach to Identity Verification: Spearheaded by Sam Altman, the ambitious Worldcoin project integrates an innovative iris scanning technology for human identity verification, making it stand out in the burgeoning crypto marketplace.
- Public Launch and Wallet Application:
- With the planned public launch in H1 2023, the Worldcoin project aims to make a splash in the crypto world.
- The recent release of World App, a crypto wallet supporting major cryptocurrencies such as Bitcoin, Ethereum, and of course Worldcoin, paves the way for a smooth user onboarding experience.
- Investment: Despite a sharp drop in crypto venture funding from 2022 to 2023, Worldcoin stands as a beacon of optimism in the sector, attracting a total of $100 million in funding from new and prior backers, including a16z crypto and Khosla Ventures.
See: Digital Identity Protection is Critical for Metaverse Innovation
- The project's documentation says:
- "It is core to the mission of Worldcoin that the network is not built and run by a single entity, but instead by entrepreneurial individuals all around the world who apply to receive an Orb to run independent operations in their communities.
- We call these individuals Orb Operators and give them the autonomy to build their operations from the ground up, doing everything from running their own marketing campaigns to collaborating with local partners."
- "Worldcoin was conceived from the belief that universal basic income (UBI) will play a crucial role in the future, and gaining access to the internet economy will grow increasingly vital, as articulated by CEO Alex Blania to TechCrunch.
- This outlook, shared by Blania and Sam Altman, implies a future where automation displaces conventional jobs, leading to a uniform financial status for all, regardless of individual aptitudes, abilities, interests, and knowledge.
- While this concept is intriguing, it suggests a future where financial equality might overshadow personal uniqueness and expertise."
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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