FTX’s implosion has ratcheted up the pressure on all centralized exchanges in crypto. The U.S. Department of Justice is reportedly considering criminal charges against Binance, the world’s largest crypto exchange.
Following recent events in the crypto market, the Canadian Securities Administrators (CSA) is strengthening its approach to oversight of crypto trading platforms by expanding existing requirements for platforms operating in Canada.
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
What Platform to Choose for Buying Cryptocurrency and Why not FTX?
Guest Post | Dec 17, 2022
Image: Unsplash/Kelly Sikkema
Cryptocurrency trading and investment have become popular ways to generate income using digital assets. The essence of trading is to buy and sell cryptocurrency with benefits, that is, at different prices. Most trading methods imply buying digital coins at a lower rate and selling them at a higher price. However, there is a method called “short”, which means selling out coins and repurchasing them at a lower price. A variety of trading strategies and tools can be practiced in large and credible crypto platforms. The most reliable exchanges are:
- Binance
- ByBit
- WhiteBIT
- Coinbase
- Huobi.
The popular FTX platform used to be among the best exchanges until recently. What happened with it, and why is it a bad idea to buy cryptocurrency on it now? Let's find it out.
What Happened to FTX?
Everything started on November 2, 2022, when an article by CoinDesk was released. It claimed that most of the Alameda company assets were FTT tokens that belonged to its subsidiary FTX exchange. This news hit the market because, by the rules, company assets should not mostly contain its own assets but other coins that have nothing to do with the company, for example, coins released by other companies. But according to CoinDesk, Alameda had $5,81 billion worth of FTT tokens from total capital of $14,6 billion. This news caused a collapse in the market. The head of the Binance exchange claimed he would sell all the FTT tokens. In return, Alameda offered Binance to buy the FTX platform. All these events caused a massive collapse of the FTT token price from $22 to $1.33 on December 1.
See: Top 5 Crypto-Tax Haven Countries for 2023
In the end, Binance's head rejected the proposition to buy FTX. The platform lost its reputation and credibility in less than ten days. The collapse of the FTX platform shook the entire crypto market, and many asset prices dropped in November. We recommend you purchase and sell cryptocurrency only on reliable and credible crypto exchanges, for example, WhiteBIT. It is a young yet reliable exchange that has proved its reliability. The exchange has transparent work conditions and operates officially according to regulators' laws. Registered and verified clients can buy cryptocurrency with fiat money. Read more about the WhiteBIT exchange on its blog.
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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Reasons Behind Canada’s Success in the iGaming Market
Simi Khurana | Dec 15, 2022
Image: Pexels/David Vives
With the new developments in the iGaming industry in Canada, you can now engage with legal activities in Ontario. But this isn't the only reason behind Canada's success in the betting world.
We'll take a look at the main contributing factors to the rise of iGaming and whether the recent changes have had any major effects.
Factors Contributing to the Success of iGaming CA
There are several reasons why the iGaming realm is brimming in the country, especially if you compare it to the boarding states. While some changes are recent, others have been successful contributors for a few decades now. Let's look at the main factors:
New Legal Marketplace & Licenses
You may be familiar with the Kahnawake Gaming Commission – the regulatory body that's been operating in the country since 1996. However, while this regulated the iGaming market within the Mohawk Territory of Kahnawake, the remaining provinces were left in the gray area. However, this hasn't stopped players from joining offshore sites, as Canada hasn't banned the act.
A recent change was the introduction of the AGCO – the Alcohol and Gaming Commission of Ontario. Now that the market is fully regulated in the province, players from Ontario have safe and reliable choices for their gaming activities. Whether you are into sports betting or casino games, you've got various choices.
Top-Notch Online Casino Sites
Even though, apart from Ontario, the rest of the Canadian players have to settle for offshore sites, the choice is excellent. There are plenty of high-quality online casinos that accept players from Canada.
We're talking about sites that have a proper license from the UKGC, MGA, Curacao, or others. Joining one of these platforms will grant you a safe, reliable, and fun experience. Players can enjoy various games, payment options tailored to Canadians, and 24/7 customer support.
Hefty Bonuses
The iGaming industry found a way to reward its customers by giving them bonuses, and operators catering to Canadians didn't shy away. In fact, the bonuses contribute to the iGaming craze.
Players from CA can enjoy an abundance of deposit and no-deposit offers. The no-deposit deals have so far made the biggest influence, as they allow gamers to try out the gaming platforms for free.
Availability of Payment Methods
CA players have a major advantage compared to players from the rest of the world, and it's called Interac. This inter-banking network has allowed players to fund their accounts and ease money transactions.
The fact that gamers can make safe, fast, feeless, and secure transactions through a payment option they trust has surely contributed to the success of the iGaming market in the country.
Convenience of Use
Convenience may be the biggest factor why iGaming is so successful. You can engage in many online games or place bets without going places. Unlike in the US, where some states (where online gambling is legal) ask you to be physically present with the casino or bookie to place bets through your phone, Canadians can do it online.
What's more so, with the emergence of HTML5, software providers now create mobile-optimized games. This has prompted bookies and online casinos to design mobile-optimized platforms, allowing even further flexibility.
Limitless Options
Back in the days, when Canadians had to travel to a land-based casino or bookie, they had to settle for the owner's choices. Today, all you need is an Internet connection. In fact, the better the network coverage and Internet speed, the better the results.
You can now find thousands of slots, live dealers, table games, and even scratch cards online. The same applies to sports fans – a wide range of odds are available, and they are competitive.
No Taxes on Winnings
That's right – one of the most popular factors contributing to the rise of the iGaming industry in Canada is the no-tax policy. As the Government finds that online casino or sports betting winnings aren't a constant source of income, the winnings aren't subject to tax. In other words, you get to keep whatever you win while gambling.
See: 9 Consumer Trends Currently Impacting the Gaming Industry
This is a drastic change to the US, for example, where taxes are on both federal and state levels. The federal taxes are as high as 24%, while the state taxes vary. This has prompted many US gamers to travel to Canada and use Canadian payment methods and services to enjoy taxless online casinos or betting adventures.
Conclusion
While many factors influence the success of the iGaming industry in the country, the newly legalized market has surely played a large role. The fact that Canada has rather liberal views on gambling activities has also influenced the rise of the iGaming market.
Combine tax-free, safe, and multi-choice platforms, and you get the formula for Canada's iGaming success.
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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Reuters: DoJ Considering Criminal Charges Against Binance
The Defiant | Owen Fernau | Dec 12, 2022
FTX’s implosion has ratcheted up the pressure on all centralized exchanges in crypto. The U.S. Department of Justice is reportedly considering criminal charges against Binance, the world’s largest crypto exchange.
- Reuters reports that, while yet to be filed, charges under investigation are unlicensed money transmission, money laundering conspiracy, and criminal sanctions violations.
- Binance’s BNB token, which secures the BNB Chain, is down 3.3% in the past day on the news.
- Binance responded on Twitter — “Reuters has it wrong again,” the firm tweeted, while also linking to a statement from Tigram Gambaryan, a former IRS agent whom Binance hired in September 2021.
- Outflows from the exchange: The news coincides with significant withdrawals from the exchange — Nansen, the crypto data provider, shows a net outflow of $1.29B in the past 24 hours.
See: Is Binance’s Proof-of-Reserves Pointless Without Liabilities?
- PoR: Binance contracted Mazars, an audit, tax and advisory firm, to produce a report on Binance’s reserves. The report, released on Dec. 7, found the exchange to be solvent but included multiple caveats.
- John Reed Stark of the SEC: “Binance’s ‘proof of reserve’ report doesn’t address [the] effectiveness of internal financial controls, doesn’t express an opinion or assurance conclusion and doesn’t vouch for the numbers…This is how I define ‘red flag’,” Stark tweeted on Dec. 10.
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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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Canadian Securities Regulators: Crypto Trading Platform Enforcement Coming
CSA | Release | Dec 12, 2022
Following recent events in the crypto market, the Canadian Securities Administrators (CSA) is strengthening its approach to oversight of crypto trading platforms by expanding existing requirements for platforms operating in Canada.
- On August 15, 2022, the CSA announced that it expected commitments from unregistered crypto trading platforms operating in Canada while they pursue registration. These commitments were to be made to their principal regulator in the form of a pre-registration undertaking (PRU), which included terms and conditions consistent with requirements currently applicable to registered platforms.
- The CSA is of the view that stablecoins, or stablecoin arrangements, may constitute securities and/or derivatives.
- Enforcement coming: If a platform currently subject to securities legislation in Canada does not deliver a PRU to its principal regulator or cease operating, the CSA will consider all applicable regulatory options to bring the platform into compliance with securities law, including enforcement action.
- Timing: CSA members will shortly communicate to platforms a deadline by which PRUs must be delivered. Platforms located outside of Canada that are accessible by Canadians are regarded as operating in Canada for the purposes of securities regulation.
See:
Canadian Crypto Industry is Working Towards Legitimacy
Canadian Securities Regulators Expect Crypto Trading Platforms to Complete Pre-Registration Step
CSA 2021-2022 Enforcement Report highlights: Regulators’ Actions to Hold Securities Law Violators Accountable
- Compliance: Crypto trading platforms giving these undertakings agree to comply with expanded terms and conditions that will include, among other things, requirements to hold Canadian clients’ assets with an appropriate custodian and segregate these assets from the platform’s proprietary business, as well as a prohibition on offering margin or leverage for any Canadian client.
- Custodians will generally be considered qualified if they are regulated by a financial regulator in Canada, the U.S., or a similar jurisdiction with a supervisory regime for conduct and financial regulation.
- Crypto assets or related financial products are high-risk investments. These risks could result from, among other things, crypto trading platform non-compliance with registration terms and conditions or undertakings, interconnectedness within the crypto sector, insolvency, hacks, price volatility and uncertain value propositions for individual assets.
- Current regulation and enforcement:
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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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6 Profitable Ways You Can Use Your Extra Money
Dec 12, 2022
Image: Pixabay/stevepb
A lot of people deal with financial stress, meaning they lack money. That’s definitely an unenviable situation. And then there are those who have either gotten a raise, or they’ve received an annual bonus, and now they’re not sure what they’re supposed to do with it.
In these types of situations, you have two options at your disposal. You can either treat yourself and purchase something you’ve been longing for, for a while, or you can use that cash in a smarter way.
What do we mean by “smarter way”? Well, there are so many things that you can do that will help you build wealth and secure a much better financial future. Want to uncover them? Then scroll below!
Smart Things That You Can Do With Extra Cash!
Consider P2P Lending
What do we know about it? In a nutshell, when someone wants to lend money to other companies or individuals, then this whole process is known as peer-to-peer lending. Normally, when someone needs to urgently borrow some cash they would go to a particular financial institution (a bank, for instance) to apply for a loan.
However, that’s not the case with P2P lending. Namely, in these instances, you do not need any mediator, but instead, it will directly connect people who have cash and individuals who seek loans.
This is generally a great alternative for both borrowers and lenders. For instance, if you are a lender, once you loan your money to someone, you can receive a return in form of interest. If this sounds like an excellent way to earn more bucks, yet you would like to know more, it would be advisable to rely on the information from P2P Empire website because out there, you’ll quickly figure out how to invest in P2P loans. After all, it is the number one site when it comes to this.
Don’t Forget Your Emergency Fund!
Anyone no matter how great/bad their situation may be should have an emergency fund to cover their living costs for at least a couple of months. If you do not already have one, now is a great time to add some money to it.
Even though this isn’t an actual investment, it will definitely help you safeguard all your other investments.
What Are Your Other Options?
Consider Investing
If you’ve never done it before, then for starters, you can opt for products such as mutual fund systemic investment plans, which are known as SIPs, and fixed deposits. What's great about mutual funds is that they provide you with a vast range of funds to invest in, depending on how much you are willing to risk.
On the other hand, fixed deposits have much lower risks in comparison to other investment tools, plus you will be slowly working on expanding your nest egg for the future.
Opt For Other Investment Alternatives
If the suggestion above, doesn’t seem too appealing, then maybe you should consider other options. For example, if you want to purchase individual stocks, you can research firms you’re optimistic about and believe will do better in the future.
On the other hand, if real estate piques your interest, then you can always gather more useful information regarding real estate investment trusts. Namely, REITs represent companies that either own or finance income-producing real estate.
A lot of them trade on stock exchanges, hence you can purchase them within your taxable brokerage account, or IRA account. If by any chance, you’re interested in the continuously evolving space of alternative investments, then you can take cryptocurrency into account.
Pay Off Debts Or Student Loans
According to the study we've stumbled upon on NerdWallet, physicians and dentists have some of the biggest student loan debt balances. Now, if you have a student loan with high-interest rates, then it would be advisable to use that cash you received to pay off your loans or at least refinance.
See: 3 Reasons Why Ethereum Is a Good Investment
Before you consider refinancing your loans, just be sure to take into account your eligibility for student loan forgiveness. On the other hand, if you currently have any debts (such as credit cards), it would be wise to pay them off.
Invest In Some Skills
One of the best investments that you can make is in yourself. It’s always a great idea to invest some money in your skills because precisely they can open up your career prospects, meaning that you’ll be earning more money in the future.
Image: Pixabay/stevepb
We know that right now you are probably too excited because you've just received some extra cash. But don't flush it away so quickly, instead, go through these suggestions and pick the one that currently seems like the best option.
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 Legal Sports Betting Boosts the Canadian Economy
Dec 12, 2022
Sports betting has been a major part of Canadian culture for decades, but it has only recently become legal in Canada. In fact, it is an industry that continues to enjoy change across the Great White North at the moment, with punters in places like Ontario starting to feel the benefits of the changes that are being made.
Indeed, they have been able to take advantage of a regulated industry which means they are able to use bonuses that are similar to Betano Bonus Code offer that can be utilized in order to enhance the experience, while Canadians are also able to enjoy safer sessions.
However, with the legalization of sports betting comes a range of benefits to the Canadian economy, including increased tax revenues, job creation, and new funding opportunities. In this blog post, we’ll break down how legal sports betting helps to grow the Canadian economy.
Tax Revenues from Legal Sports Betting
One of the main ways that legal sports betting helps to boost the Canadian economy is through increased tax revenues. According to a report, legalizing sports betting could generate more than $1 billion in additional annual tax revenue for Canada. This money can be used to fund various government initiatives, including education, healthcare, and infrastructure projects.
Job Creation due to Legal Sports Betting
Another benefit of legal sports betting is that it creates jobs. With the legalization of sports betting comes an influx of new businesses related to gambling such as bookmakers and online casinos. These businesses create jobs both directly (in the form of employees) and indirectly (through services they require such as marketing and legal services). As more businesses enter into this space, more jobs will be created which will help stimulate economic growth across Canada.
Boost for Local Businesses
Legal sportsbooks often partner with local businesses such as restaurants, bars, hotels, and entertainment venues in order to drive more traffic to their establishments. This additional foot traffic helps these businesses generate additional revenue which helps them grow their businesses even further. This increased spending in local communities has had a positive impact on the overall economy in Canada by creating more jobs and stimulating economic growth.
Funding Opportunities for Charitable Causes
Finally, legal sports betting provides funding opportunities for charitable causes in Canada. The proceeds from gambling activities can be used to fund various local charities and organizations that provide essential services such as food banks and homeless shelters. This not only helps improve the quality of life for people living in poverty but also stimulates economic activity in areas where these charities are located.
Verdict
Legalizing sports betting can have a positive impact on the Canadian economy by providing increased tax revenues, job creation opportunities, and new funding sources for charitable causes.
See: Payment Technology Solutions for Online Casinos
By investing in this industry now, governments can ensure that they are taking advantage of all potential revenue streams while helping to stimulate economic growth across Canada. There is no doubt that the industry is yet to reach its full potential, either, so the benefits and the continued growth of the economy should only increase further in the near future!
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 Is the Best Age to Begin Investing?
Guest Post | Dec 9, 2022
Image: Pixabay/Tumisu
Some people think about investing at a young age, while others only start considering saving money when retirement is around the corner. The general consensus is that the earlier you start investing — the better, but in reality, it is possible to invest successfully regardless of your age. If you want to invest money online and earn passive income for a certain goal, you can do that at any age. Read along to find out about the prime time to start investing.
When Should I Start Investing?
The short answer is that you should start investing right now if you have not already, as long as you are 18 or over. Luckily, investing is possible for all demographics, but your objectives and the amount of investment capital will differ depending on your age. One of the most popular goals for investing is saving up for retirement. If this is the objective, here is how this will work for different age groups:
- Twenties – there is as much time before your retirement as it could possibly be. You can experiment with different investment strategies and invest in various projects and markets. You can take higher risks for higher returns.
- Thirties – a few decades left before retirement still. People in their thirties usually have more savings than those in their 20s, which opens more room for investing and taking risks.
- Forties – there is still enough time before retirement, but you should definitely have a plan by this time to invest efficiently and save up the necessary amount of money regularly to have the desired capital in time.
- Fifties – believe it or not, people still can invest in their retirement in their fifties. However, it is recommended to cut on the risks and invest slowly but steadily toward your goal.
Of course, saving money for your retirement is considered a long-term investment even if you are in your fourties. However, there are many other investment objectives, and you should always consider your time limitations and starter capital carefully.
Investment Solutions
There are many different ways to invest, and each of them can be fitting for your specific age group. Nevertheless, it is always better to explore all the options and become familiar with the investment solutions available. Here are some of the most common money online investment types:
- Shares – while other investment solutions are safer and more stable, shares can provide great returns. As they are usually riskier and more expensive, it is advised to invest in stocks if you have some experience already.
- Bonds – when buying bonds from a business, you are essentially offering it the funds that they need to raise for a certain cause. In return, you receive regular payouts.
- Investment funds – many convenient services collect money from different investors and direct it towards different markets or companies. Quanloop is one of the alternative investment funds suitable for beginners as well. There are different investment plans based on the level of risks that you can use to invest more securely or aim for higher returns.
- Crypto – cryptocurrencies are extremely popular today, and while they can be used as a money alternative to paying for products and services, people often use them simply to invest their funds. With cryptos, it is common for certain tokens to grow in price rapidly and unpredictably, which is why holding on some coins might pay off if you are patient.
If you were out of ideas on where to invest money online, you can browse some of the options listed above to find what suits you best.
Bottom Line
Of course, it is best to start investing when you are young as you can learn from your mistakes. It is also possible to invest a small amount and let it grow over time even with a small return rate. But not everybody had the luxury to invest money when they were in college or struggling to pay rent in their twenties.
See: Investing Your Money: An Easy Guide For Beginners
People in their thirties and forties often have more means to invest in different projects and diversify their investments. In any case, experts advise that you should start thinking about investing now and look through your options available today. With convenient online investing, this process becomes accessible to everyone.
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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