Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Online Funding / Investing Portals
New Binance CEO’s First Thoughts + His Latest
Crypto | Dec 5, 2023
Image: Richard Teng, Binance CEO, Nov 2023
Binance's new CEO, Richard Teng, shares his outlook for the world's largest crypto exchange by volume
In a recent blog post titled "My First Blog as Binance’s CEO," the new CEO of Binance acknowledges the past challenges faced by the company, particularly in areas of compliance and regulation, and asserts that these have been pivotal learning experiences, making the company stronger and more resilient.
See: New York Takes Legal Action Against Major Crypto Firms
The CEO's message is one of transformation and responsible growth, focusing on user-centric values, regulatory collaboration, and a broader application of blockchain technology. He stresses the need for deeper engagement with policymakers to foster a globally harmonized regulatory framework, ensuring consumer protection and industry innovation. The commitment to maintaining a robust financial structure, prioritizing user asset protection, and driving the adoption of Web3 technologies underscores a strategic shift in Binance's approach.
Meet Richard Teng, Binance's new CEO
- Richard Teng, appointed as Binance's new CEO in November 2023, brings a wealth of experience from his over three decades in the financial services and regulatory sectors.
- His journey with Binance began in August 2021 when he took the helm as CEO of Binance Singapore.
- His role quickly expanded, overseeing significant regions such as the MENA and European regions, and eventually leading all markets outside the U.S. as the Head of Regional Markets.
- In this capacity, Teng was pivotal in forging strategic partnerships, nurturing an innovative ecosystem, and broadening the cryptocurrency ecosystem across these diverse regions.
See: Ex-Binance CEO CZ Faces Up to 10 Years in Prison
- Prior to his engagement with Binance, Teng's career was marked by notable leadership roles in regulatory bodies.
- He served as the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), where he earned a reputation as an innovative regulator on the global stage.
- His extensive background also includes serving as the Chief Regulatory Officer at the Singapore Exchange (SGX) and as the Director of Corporate Finance at the Monetary Authority of Singapore.
- Teng's academic achievements are equally impressive, holding a Master's in Applied Finance with Distinction from the University of Western Australia and a First Class Bachelor of Accountancy from Nanyang Technological University.
- His diverse and rich experience in both regulatory and financial domains positions him uniquely to steer Binance through its next phase of growth and innovation.
- View bio
Quotes Signaling New Strategic Direction
"It is an honor and with the deepest humility that I step into the role of Binance’s CEO, succeeding the visionary founder of this incredible company."
- This statement reflects a respectful acknowledgment of the legacy CZ created. The new CEO aims to convey a sense of continuity while also bringing his own leadership style to the forefront.
See: Dispelling FUD: Why Binance’s Exit from Canadian Crypto Markets Strengthens Canada’s Ecosystem
"A cornerstone of this organization has always been the idea that innovation should bring value to users."
- Given Binance's past criticism for prioritizing growth over user protection, this quote emphasizes a renewed focus on user-centric innovation. It's a commitment to aligning business growth with tangible benefits for users.
"We have turned the page on Binance’s historical challenges and we are, in fact, stronger today than we have ever been."
- This statement addresses past regulatory and compliance issues under CZ's tenure. It's an attempt to reassure stakeholders that Binance has learned from its past and is now more resilient and compliant.
"As an industry, we require more focus than ever on collaborating with policymakers."
- Reflecting on the regulatory challenges faced previously, this quote underscores a strategic shift towards proactive engagement with regulators. It's a move to foster a more stable and regulated environment for crypto, which was a point of contention in the past.
"I am deeply committed to the promise of blockchain, such as the opportunities for increased financial inclusion, cross-border remittances, and reduced transaction costs."
- This highlights a vision for blockchain beyond just cryptocurrency trading, which has been a core focus of Binance. It suggests a broader, more inclusive approach to blockchain technology, aligning with global financial trends and addressing criticisms of being too narrowly focused on trading.
These quotes collectively signal a strategic shift in Binance's approach under the new CEO. They reflect a desire to move past the turbulence of CZ's era, which included regulatory scrutiny and compliance issues, and to embark on a path that balances innovation with user protection, regulatory compliance, and a broader vision for blockchain technology.
Although at his first major public interview appearance...
Although as reported in a recent CoinDesk article, Richard Teng seemed evasive in his first major public interview held by the Financial Times 'Crypto and Digital Assets Summit in London' since assuming the role of the new CEO of Binance. In the interview, Tent was notably reticent when pressed for details about Binance's governance, including the location of its global headquarters, whether the company would undergo an audit, the current employee count, and its licensing status in the UK.
See: Mastercard and Binance End Crypto Card Partnership
This evasiveness was particularly evident when Teng was asked to specify an auditor for Binance, to which he responded that the company, being private, was not obligated to disclose such information. The interview raised questions about Binance's commitment to transparency, especially given its status as the world's largest crypto exchange. Teng's reluctance to provide straightforward answers to fundamental questions about the company's operations and governance has added a layer of complexity to the narrative of Binance's new chapter under his leadership.
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, artificial intelligence, 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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Wealthsimple Launches Private Equity Fund for Retail Investors
Nov 23, 2023
Image: Unsplash/Tech Daily
Wealthsimple has recently launched a private equity fund with investment opportunities for retail investors.
Wealthsimple's new private equity fund is managed by LGT Capital Partners, part of the Liechtenstein royal family’s wealth management group, and represents its third private asset product. This move aligns with a growing trend among fund managers to make private investments more accessible to retail investors.
See: Retail Investors to Drive Growth in Private Assets Under Management Expected to Reach $18.3 Trillion by 2027
Since its inception in 2014, Wealthsimple has evolved from an investment platform to a comprehensive FinTech solution, offering services in spending, saving, cryptocurrency, taxes, and peer-to-peer payments.
Fund Overview
- The fund is open-ended, allowing for quarterly redemptions up to a limit of 5% of the fund's assets.
- It carries a management fee of 1.5%, with a 12.5% performance fee, applicable after an 8% hurdle.
- The fund aims to invest in secondaries at market value discounts and in new companies, offering potential for higher returns.
See: AngelList, the renowned platform for startups and investors, broadens its horizons by venturing into the private equity space through the acquisition of fintech startup Nova.
- Available exclusively to Wealthsimple clients with a minimum of $100,000 in deposits and a $10,000 minimum investment. Interested investors must be suitable for a long-term investment focus and the ability to handle the fund's relative illiquidity. They must complete a suitability survey and consult with a portfolio manager to determine allocation.
- Over the past 22 years, private equity has outperformed public markets by an average of 4.75% annually.
Conclusion
Wealthsimple's private equity fund represents a significant step in democratizing access to private market investments for retail investors. With its strategic partnership, diversified approach, and focus on long-term wealth building, this fund offers a unique opportunity for qualified investors to enhance their portfolios.
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, artificial intelligence, 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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SEC Files Lawsuit and Accuses Kraken of Commingling
Crypto Enforcement | Nov 21, 2023
Image: Unsplash/Bryan Burgos
The SEC has filed a lawsuit accusing Kraken of operating as an unregistered platform and improperly mixing customer funds with corporate assets.
This move echoes previous actions taken by the SEC against other major exchanges like Coinbase and Binance. Kraken, a prominent crypto exchange, has become the latest target of the U.S. Securities and Exchange Commission (SEC).
SEC Allegations
According to the SEC, Kraken has not only operated as an unregistered broker, clearing agency, and dealer but has also commingled up to $33 billion in customer crypto with its corporate assets. The SEC's lawsuit seeks to permanently ban Kraken from operating as an unregistered exchange and demands a fine along with the return of any ill-gotten gains.
Kraken Stands Firm and Criticizes SEC
Kraken stands firm in its disagreement with the SEC's allegations. The exchange asserts that it does not list securities and plans to vigorously defend its position. Kraken emphasizes the lack of regulatory clarity in the U.S. and criticizes the SEC's approach of "regulation by enforcement," which it believes harms American consumers, stifles innovation, and undermines U.S. competitiveness globally.
See: Kraken’s Strategy for Canadian Market Growth
In its blog post, Kraken outlines its stance, highlighting that the SEC's complaint does not allege fraud, market manipulation, customer losses due to hacking, compromised security, or breaches of fiduciary duty. Kraken argues that the SEC's claim of "commingling" is a misrepresentation, as it merely involves the use of fees already earned by the exchange.
Kraken also points out the legal precedents where courts have rejected the SEC's theory that digital assets traded on platforms are securities transactions. The exchange believes that the current lawsuit will fail for similar reasons. Kraken emphasizes that there is no legal framework for registering as an exchange, broker-dealer, or clearing agency for investment contracts, as demanded by the SEC.
Committed to Accelerating Crypto Adoption
Amidst this legal battle, Kraken remains committed to its mission of accelerating cryptocurrency adoption and ensuring financial freedom and inclusion.
See:
Kraken Agrees to $30 million Settlement with SEC and Stops U.S. Customer Staking Program
Kraken (Payward Inc.) in Advanced Stages of SEC Unregistered Securities Probe
The exchange continues to advocate for practical and effective rules for digital assets and stresses the importance of comprehensive Congressional action to avoid the U.S. falling behind in the global crypto and Web3 advancements.
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, artificial intelligence, 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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The Impact of High-Speed Internet on Online Gaming and Casinos
Nov 21, 2023
Image: Unsplash/Joshua Woroniecki
In digital entertainment, the advancement of high-speed internet has been nothing short of a game changer, particularly for online gaming and casinos. This evolution has not only redefined accessibility but also drastically enhanced user experience, making it a cornerstone of modern gaming.
Transforming Access and Reliability
High-speed internet has fundamentally altered how we access online games. Gone are the days of frustrating dial-up connections and endless buffering. Today, online gaming opens up with just a few clicks, offering everything from multiplayer adventures to sophisticated casino experiences. This seamless access is vital for online casinos, where uninterrupted play is essential. High-speed connections ensure that these platforms run smoothly, maintaining the flow and integrity of the games.
The reliability of these connections also plays a crucial role. In an online casino setting, even a momentary lapse in connection can disrupt the game flow, affecting the user experience. High-speed internet mitigates this risk, providing a stable and consistent gaming environment. Moreover, this reliability extends to all aspects of online gaming, from the loading times of graphics-intensive slots to the responsiveness of live dealer games. It's a crucial element that supports the dynamic nature of modern online casinos, where every second counts and every detail matters. This enhanced reliability boosts player confidence and ensures that the online casino experience is as close to real-life as possible.
Enhancing Realism and Engagement
The impact of high-speed internet extends beyond access and reliability; it has also revolutionized the quality of games. This means more than just sharp graphics and smooth gameplay for online casinos. It's about delivering an immersive experience that mirrors the atmosphere of a physical gaming hall. Live dealer games, for instance, use real-time streaming to bring the casino floor to players, wherever they may be. This is only possible with modern internet connections' bandwidth and speed.
Moreover, the variety of games available in online casinos has blossomed with high-speed internet becoming available. The array of titles is staggering, from classic card games and table games to innovative slots, including traditional three-reel slots, visually stunning video slots, and the dynamic Megaways with their ever-changing reels. Each game's unique theme and gameplay offers a fresh experience.
Beyond these, online casinos have also embraced the allure of game shows, transforming familiar TV formats into interactive gaming experiences. These game shows blend entertainment with the chance to participate, creating an immersive experience. The evolution of table games has been remarkable, with digital versions of blackjack, roulette, and baccarat now offering a more accessible and varied gaming experience. This diversity caters to a wide audience, ensuring that there's something for every type of player, whether those seeking the nostalgia of classic games or the thrill of modern, innovative titles.
The Future Landscape
Image: Unsplash/Remy Gieling
As we look to the future, the role of high-speed internet in shaping the online gaming and casino industry is only set to grow. With emerging technologies like virtual and augmented reality gaining ground, the demand for faster, more reliable internet will escalate. These technologies promise even more immersive and interactive gaming experiences, potentially transforming online casinos into virtual worlds that closely mimic the feel of being in a real life environment. High-speed internet will be the backbone of these advancements, ensuring that new experiences are delivered seamlessly to players.
Furthermore, the evolution of mobile gaming continues to be propelled by high-speed internet. The convenience of playing on smartphones and tablets means more people can enjoy online casino games on the go. This mobility has expanded the audience for these games, bringing in players who might not have previously considered online gaming. High-speed internet ensures that the experience on mobile devices is as rich and uninterrupted as on desktop platforms.
See: From Gaming to Gig Economy: How Canadians are Embracing New Payment Methods
In summary, the impact of high-speed internet on online gaming, particularly online casinos, has been profound. It has improved access and reliability, enriched the gaming experience, broadened the variety of games available, and facilitated social interaction. As technology advances, the bond between high-speed internet and online gaming will only strengthen, promising an exciting future for the industry. With every new development, the online casino experience becomes more engaging, accessible, and vibrant, reflecting the dynamic nature of the digital world.
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, artificial intelligence, 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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OSC’s New Financial Advisory Reforms
Regulation | Nov 15, 2023
Image: Unsplash/frame harirak
Latest OSC draft statement of priorities reveal new course in the financial advisory landscape for discount brokers and robo-advisors
Lifting Limitations on Financial Advice
- The OSC in collaboration with CIRO is contemplating a significant change by allowing Order Execution Only (OEO) firms, like discount brokers and robo-advisors, to offer non-tailored financial advice such as risk warnings and guidance to enhance the safety net for investors. This move addresses a critical gap in the current financial ecosystem, where DIY investors often resort to unreliable sources like social media for guidance, especially regarding complex products like leveraged investments and meme stocks.
See: Consultation: OSC Wants to Increase Fees for Crypto Firms
- This OSC initiative is part of a larger strategic overhaul over the next six years, influenced by its recent reorganization and recommendations from various authoritative bodies.
- These changes represent a broader commitment to ensuring that the Canadian financial market remains dynamic, transparent, and trustworthy. This approach is crucial for maintaining a robust financial ecosystem that supports both investor interests and market growth.
Feedback Opportunity
Stakeholders are invited to contribute their views on the OSC's draft statement of priorities until December 18.
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, artificial intelligence, 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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FTX’s Possible Comeback Under Legal Scrutiny by Gensler
Crypto | Nov 9, 2023
Image: Pexels/Mikhael Mayim
SEC Chair Gary Gensler has indicated a potential pathway for the resurrection of the beleaguered cryptocurrency exchange FTX, albeit under stringent legal compliance.
This news comes in the wake of FTX founder Sam Bankman-Fried's conviction on fraud charges, casting a shadow over the crypto exchange's future.
During DC Fintech Week, Gensler emphasized the importance of adherence to the law for any parties interested in reviving FTX. His remarks, as reported by CNBC, suggest a cautious yet open stance towards the possibility of a rebooted FTX under new leadership. Gensler's comments resonate with the broader regulatory ethos that seeks to instill investor trust through transparency and accountability.
The spotlight falls on Tom Farley, a former president of the New York Stock Exchange and current CEO of Bullish, a digital asset exchange. Farley's name has emerged among a shortlist of bidders vying to purchase what remains of FTX, as per reports. Gensler's advice to Farley and any prospective leaders is clear: "Do it within the law." This directive underscores the need for proper disclosures and a strict separation of exchange operations from customer assets, a line that FTX allegedly crossed under Bankman-Fried's leadership.
See: Gensler’s Remarks at 2023 Securities Enforcement Forum
The SEC's stance is not just a response to past missteps but a forward-looking approach to regulating a domain fraught with complexities. Gensler's assertion that the crypto industry still harbors fraudsters signals a commitment to rigorous enforcement of securities laws, which he deems robust enough to handle the nuances of cryptocurrency.
As the industry reflects on the FTX saga, the SEC's legal battles with other crypto entities like Binance, Coinbase, and Ripple continue to unfold. These cases will likely shape the regulatory landscape and define the operational boundaries for crypto exchanges in the future.
For Canada's burgeoning fintech community, the unfolding events around FTX offer critical insights. They highlight the importance of regulatory compliance and the potential for recovery and innovation even after significant setbacks.
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, artificial intelligence, 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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WealthTech in Asia-Pacific: A Trillion-Dollar Opportunity
McKinsey & Company Report | Oct 30, 2023
McKinsey & Company on the WealthTech Revolution in Asia-Pacific, A Trillion-Dollar Opportunity
- The Asia-Pacific wealth management market is brimming with potential, estimated to reach $81 trillion in onshore personal financial assets (PFA) by 2027, propelled by technological innovations and shifts in customer behavior.
- This translates to a staggering $1 trillion in revenue pools across the wealth continuum.
- The affluent segment is highlighted for its growth potential, with a projected CAGR of 8% from 2022 to 2027, and a wealth management penetration rate expected to increase from 15-20% to 22-27% during the same period.
See: The future of Asia: Asian flows and networks are defining the next phase of globalization
- The WealthTech sector is rapidly gaining traction with 40-45% of PFA in the region held in cash and deposits.
- Broadening access to wealth management services, especially for the untapped and underserved segments.
- The industry is moving towards providing "advice for all," enabling a wider range of customers to benefit from financial advice and investment opportunities.
- The future of wealth management in the region is expected to be dominated by digital-hybrid platforms, providing flexible and on-demand advisory services, driving a shift away from the traditional high-touch, relationship manager models.
- The report highlights the need for personalization at scale and emphasizes the importance of investor education to empower individuals to make informed financial decisions.
3 Primary Ways To Serve Customers
1. User-Friendly WealthTech Platforms (Direct-to-Consumer)
These digital platforms are easy to use and offer a variety of assets for trading, both public and private. Customers can get financial advice through online channels, either completely digital or a mix of online and in-person services. This type of WealthTech makes financial advice accessible to a wider range of customers, from everyday people to the wealthy, and provides more online interaction options for high-net-worth individuals.
- Wealthsimple: Based in Toronto, Wealthsimple is a popular digital investment platform that offers a variety of financial products and services, including robo-advisory, commission-free trading, and savings accounts. The platform is designed to be user-friendly, catering to both novice and experienced investors.
See: McKinsey Global Payments On Cusp of ‘Decoupled Era’
2. Tech Solutions for Financial Firms (Business-to-Financial Institutions)
These WealthTech companies provide technology solutions to help financial firms or other WealthTechs improve their online wealth management services. They might specialize in certain parts of the service, like sales or portfolio management, or offer complete solutions to upgrade a firm’s entire digital wealth management system, making it more functional and integrated.
- PureFacts Financial Solutions: Located in Toronto, PureFacts provides wealth management solutions for financial advisors and institutions. Their services include fee billing, performance reporting, and client portals, aiming to enhance the digital capabilities of wealth management firms.
3. Digital Tools for Financial Advisors (Business-to-Financial Advisors)
This group focuses on creating digital tools specifically for financial advisors, making their jobs more efficient and allowing them to spend more time helping customers. They also provide a platform for customers to track their investments online. Some leading platforms in this category are challenging the traditional commission-based model by offering their services to customers for free.
- Croesus: Based in Montreal, Croesus offers portfolio management and CRM solutions tailored for financial advisors. Their platform aims to streamline advisors' workflows, enhance client engagement, and provide insightful analytics.
See: Tips on Establishing Your Small Business in the Asian Market
Steffen Pauls, chief executive office, Moonfare:
We also notice that the emerging, digitally native generation no longer looks for advice from classic intermediaries, but is taking advice from peer groups. People want better access to knowledge, not only the institutional type. Banks have to do something because they do not have sustainable business models.
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, artificial intelligence, 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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