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
Crypto.com Arena Retains Name Despite Shutting Down Institutional Exchange
Forbes | | Jun 9, 2023
Image: Crypto.com website
Crypto.com, the cryptocurrency giant with over 80 million users, recently confirmed that the closure of its institutional exchange service in the U.S. will not affect its naming rights to the landmark Crypto.com Arena in downtown Los Angeles.
- No Name Change:
- Crypto.com entered into a whopping $700 million naming rights agreement with AEG, the arena’s owner and operator, in 2021.
- Despite online speculation regarding a potential name change, Crypto.com assured that its decision to shut down its institutional exchange for U.S. customers due to low demand does not impact the naming rights to Crypto.com Arena.
- As Crypto.com solidifies its brand presence through the Crypto.com Arena in Los Angeles, it reflects the company’s resilience and adaptability in an ever-evolving cryptocurrency landscape. The arena, which was historically known as the Staples Center, remains a significant part of LA’s pulsing sports culture.
See: 16z: 2023 State of Crypto (and Index)
- Industry Pressure:
- The decision to cease the institutional exchange comes as cryptocurrency exchanges face increasing governmental scrutiny. For instance, Binance’s U.S. division halted U.S. dollar trades following an SEC lawsuit, which also targeted Coinbase for an alleged trading rules breach.
- Future Prospects:
- Crypto.com remains open to evaluating the market and potentially relaunching its institutional exchange for U.S. clients in the future.
- The shutdown affects fewer than 400 entities and does not impact Crypto.com's widely used retail trading app.
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#CryptoComArena #LosAngeles #Cryptocurrency #NamingRights #CryptoExchangeShutdown
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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Coinbase Faces Legal Action from US SEC for Alleged Market Rule Violations
Aljazeera | Jun 5, 2-23
The United States Securities and Exchange Commission (SEC) has sued Coinbase, accusing the largest US cryptocurrency platform of operating illegally because it failed to register as an exchange.
- Coinbase, the largest US crypto platform, is under scrutiny for alleged security law breaches related to its staking rewards program. The SEC claims that Coinbase has been acting as an intermediary for cryptocurrency transactions since at least 2019, evading necessary investor protection disclosures. The company is also charged with trading at least 13 crypto assets deemed securities, which should have been registered, including Solana, Cardano, and Polygon.
- The lawsuit is part of SEC Chairman Gary Gensler's push to increase oversight of the rapidly growing crypto industry, which he has referred to as a "wild West" of investing.
- The legal actions against Coinbase and Binance signal the SEC's intent to enforce existing market regulations in the cryptocurrency sector, an industry that has often been accused of regulatory ambiguity.
See: Breaking: SEC Files Charges Against Binance for Mishandling Funds and Deceiving Regulators
- Market Impact: Shares in Coinbase Global Inc dropped by as much as 20.9% following the announcement of the lawsuit, with customers reportedly withdrawing over $57m shortly after the SEC filing.
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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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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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Trends in iGaming and the Future of the Online Casino Industry
May 25, 2023
Image: Freepik/vectorjuice
The iGaming industry has really taken off in the last few years, with regulations helping to increase trust and technology creating better experiences for players. In Canada, there’s now a growing number of people signing up to play at online casinos, and more people are joining each year. Thanks to sites like FatGambler, it’s easier than ever to find safe and trusted online casinos, improving options for players.
In a short space of time, the iGaming industry has changed significantly, and it continues to evolve at lightning speed thanks to new innovations, consumer trends and market opportunities. Companies that operate in the space need to stay agile and adapt to trends as they happen, or else they could be left behind. In this article, we’ll look at major iGaming trends and what the future may hold for the industry.
Crypto Gambling
Cryptocurrencies have become hugely popular in recent years, with these digital assets getting a lot of headlines due to their volatile and unique nature. While most people use crypto for trading or investing, it has other uses too, such as playing casino games.
With the popularity of cryptocurrencies growing, many online casinos have begun to accept them for deposits, and we’ve also seen a rise in the number of crypto casinos. These sites exclusively accept cryptocurrencies for deposits and withdrawals, letting users play directly with crypto.
While the regulations on crypto gambling may not be in place yet, the demand is growing quickly, and it won’t be long before it goes mainstream. Some of the biggest iGaming operators in the business are now exploring the idea of accepting crypto, seeing the potential of making payments easier and engaging with a new audience.
Mobile Gaming
Smartphones have now become the primary device that most players use to enjoy gaming online, and it’s no surprise considering how ubiquitous these devices are. In Canada, around 86% of households own at least one smartphone. Not only do these devices help us connect with others, but they also make gaming easier and more convenient.
We’ve seen all iGaming operators move to tailor their platforms to mobile users in recent years, and there’s been a growth in the number of casino apps and sites that are designed specifically for mobile devices. In addition, many game software providers have also adopted a mobile-first ethos to design.
Gaining Player Trust
Trust is hugely important for most companies, but few more so than iGaming operators. Casinos need to have the trust of players to encourage them to sign up, deposit, and play. Trust is gained through reputation and by ensuring that high standards of security are provided.
Current trends in the iGaming industry place a high importance on data security protection, especially thanks to new Canadian data privacy laws. In addition, There’s a strong focus on ensuring that players have access to responsible gambling tools and support if needed.
Metaverse Casinos
The metaverse is an idea for the evolution of the internet, creating a virtual reality space where people can interact with each other as well as learning, shopping, sharing media and playing. While virtual reality technology is still a long way off from truly reaching the mainstream as computers and smartphones have, it presents a new opportunity to connect users online.
The metaverse is a particularly interesting concept for iGaming operators, as it can help make online gaming more immersive and enjoyable, providing that much-needed social aspect to online casinos. With the metaverse and virtual reality technology, gaming providers and casino operators can introduce players to fully immersive casino gaming where their virtual avatars can visit and play with friends.
See: What Was the Rationale Behind Ontario’s Online Gaming Regulation?
This may sound like a futuristic concept, but the metaverse is already being explored by Meta (formerly Facebook) and other organizations. Many in the tech industry believe it could be the future of how we interact with each other, and it’s ripe for innovative new ideas.
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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How the Casino Industry Adapts to an Evolving Financial Market
May 20, 2023
Image: Freepik/starline
The casino industry has experienced a huge amount of growth in recent years, particularly in the online sector. New technologies and improved accessibility have made online casinos more popular than ever, and a growing number of people across Canada have been signing up to play real money games at legal and licensed casinos.
With casino gaming now becoming more popular, lots of new sites have launched for Canadian players in recent years, and the market has grown increasingly competitive, creating new challenges. In this article, we’ll look at the pressures that online casinos face and how the industry has adapted to an evolving market and the rise in competition.
Challenges That the Casino Industry Faces
All industries face challenges, and the casino industry is no different. In recent years, increased demand for online gaming has increased revenue for many businesses in this sector, but it’s also had a negative effect on traditional casinos. Land-based casinos were particularly affected by the global pandemic, which meant many had to close their doors.
Perhaps the biggest factor in how casinos can operate is regulatory restrictions. Casinos need to follow rules and regulations to operate legally. In Canada, recent changes to the law have introduced strict new regulations for online casinos. These regulations focus on making casino gaming safer while also generating tax revenue.
However, adhering to regulatory standards is not the only challenge faced by online casinos. The landscape of online gaming is also characterized by intense competition. Despite the increase in demand, the market remains highly competitive, with a myriad of platforms all vying for the same user base.
How the Casino Industry is Adapting
Online platforms have been the biggest adaptation that the casino industry has introduced in recent years, with lots of traditional gaming companies now launching their own online casinos. As the saying goes, if you can’t beat them, join them. Traditional casinos have been losing out to online platforms, which offer greater convenience.
By offering their own online platform, traditional casino brands can utilize the trust and reputation of their brand and reach a wider audience, achieving greater revenue and also providing a better experience to their players. What’s more, this may also build greater brand loyalty and see online players choosing to play in person too. This means the casino industry can continue growing and attracting new players while both online and land-based casinos thrive.
When it comes to regulations, casinos have had to adapt quickly if they want to operate legally and gain the trust of players. One of the most significant changes that many online casino sites in Canada have progressively implemented is the advocacy is the of responsible gambling. All legal casinos now have a requirement to offer players resources, tools and support if they need help.
Responsible gambling tools available at online casinos include deposit limits and time limits, which players can set up if they need help controlling how often they gamble and how much they spend. While it may not be the ultimate solution to preventing problem gambling, it has been shown to help those suffering from gambling addiction to limit their losses.
Self-exclusion is another tool that allows online gamblers to close their accounts and take a break from gambling. Once activated, all of that user’s accounts are locked across all licensed platforms that are part of the self-exclusion scheme. This is an effective solution, though, in the future, AI tools can be used to identify problem gamblers based on patterns and their gambling behavior.
To compete with the growing level of competition in the casino market, especially online, many gambling platforms take a different approach to marketing. Incentivized marketing has quickly become the most common way for online casinos to attract new customers, offering bonus packages and deals to stand out from the competition.
Final Thoughts
The casino industry has experienced a lot of changes in a short amount of time, with the rise of online gambling platforms forcing traditional companies to adapt or die. As the global financial markets change and force further evolution, the future may hold even greater challenges for existing companies. However, casinos will no doubt continue to grow in popularity, especially as technology continues to improve.
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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