Wide-ranging actions included disrupting ongoing and illegal activity and enhancing technology and analytics capabilities to tackle evolving threats and emerging trends 
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Press Releases
Congratulations to NCFA Advisor Robin Ford | Treasury Board of Canada Announces Renewed External Advisory Committee on Regulatory Competitiveness
Treasury Board of Canada | Release | Oct 3, 2022
The External Advisory Committee on Regulatory Competitiveness brings together external stakeholders to develop recommendations on how to improve Canada’s regulatory system.The Committee was established in the 2018 Fall Economic Statement. During its initial term, which ran from 2019 to 2021, the Committee made a series of recommendations on how to make Canada’s regulatory system more competitive, innovative, and effective.Budget 2021 announced the renewal of the Committee until 2023. Under its renewed mandate, the Committee:
- provides advice on how to promote regulatory excellence by supporting innovation, competitiveness and economic growth while ensuring health, safety, security, and environmental outcomes;
- brings together representatives from across the country to provide an independent perspective on improving Canada’s regulatory system; and
- supports the modernization of Canada’s regulatory system, seeking to make the system more flexible, adaptable, and sustainable for the future.
The Committee’s work is structured into four themes:
- COVID-19 lessons learned;
- regulatory stock reviews;
- the Cabinet Directive on Regulation; and,
- monitoring the first Committee’s recommendations.
To learn more about the full scope and authority of the committee, consult the committee’s terms of reference.
Composition and membership
The Committee is composed of seven members, representing a diverse range of perspectives from academia, consumer advocacy, business, and civil society. A Chair is selected by the President of the Treasury Board from among the members.
See:
NCFA Response to FINTRAC’s ‘Knee Jerk’ Regulations Requiring Donation Crowdfunding Platforms to Register and Comply with AML/ATF Legislation
NCFA Advocacy
The renewed committee is composed of three returning members and four new members. This reflects advice from the 2019-2021 Committee to ensure continuity and maintain momentum while incorporating new perspectives.
Committee members participate on a pro bono basis without remuneration. Eligible travel and accommodation expenses for members are reimbursed in accordance with the Government of Canada Travel Directive when in-person meetings are required.
Membership
- Chair: Laura Jones (Returning)
- Yves Bourgeois
- Christian Dandeneau
- Robin Ford (linkedin profile)
- Keith Mussar (Returning Member)
- Shino Nakane
- Nancy Olewiler (Returning Member)
“The renewed External Advisory Committee on Regulatory Competitiveness will help to ensure that our efforts to strengthen Canada's regulatory system continue to be informed by the diverse experiences and views of Canadians."
– The Honourable Mona Fortier, President of the Treasury Board
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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Knix Brand Acquired by Essity for Largest Exit by Canadian Female Founder
Knix | Release | Sep 26, 2022
NEW YORK, Sept. 26, 2022 /CNW/ -- After announcing their acquisition by global health and hygiene brand, Essity, in early July, Knix is proud to share that the deal has officially closed, valuing Knix at $400M USD and marking one of the largest publicly disclosed private sales of a DTC company by a female founder.
- Leadership and growth: The closing comes following Knix surpassing the 2 million customer mark. Knix Founder and CEO, Joanna Griffiths will stay on as President of Knix and continue to lead the brand under its new partnership with Essity.
- Founded in 2013 with a mission to redefine intimates, Knix has been a pioneer in leakproof underwear and apparel and has helped create and grow the category while breaking barriers for all people to live unapologetically free. Griffiths took a set of problems, experienced by half of the global population, and turned to innovation and design to find a solution that has truly started a movement towards alternative, fashionable and sustainable options for leaks.
- Early funding via Crowdfunding markets: Knix ran multiple successful crowdfunding campaigns in their early days
- Overcoming adversity: Having faced adversity along the journey to normalize leaking and end stigma, including being told in the early days that leakproof underwear was a "niche" idea, Griffiths has made major strides in changing the face of the intimates industry.
See: ‘An underwear upgrade’: Toronto lingerie line Knix Wear gets unexpected crowdfunding boost
- Breaking stereotypes:
- In 2020 Knix was the first brand to feature an entire campaign of women over 50 and in 2013 to showcase their products in all available sizes and to use only customers in their advertising.
- Knix has also fought for representation in body diversity, paving the way for a needed shift towards inclusivity in the intimates category. Griffiths has also been a champion for female entrepreneurship, stressing the importance of supporting female founded businesses and being vocal about the gendered language and stereotypes that exist around women in business today.
- In 2021 Griffiths made headlines when she closed their Series B financing just three days before giving birth to twins, eliminating any investors from the process who questioned her ability to run a business and be a mother. The brand went on to achieve 97% Y-O-Y growth that year.
See: Underwear entrepreneur targets new moms launches crowdfunding campaign
Knix is extremely proud of the strategic partnership with Essity which makes them the global leader within leakproof apparel, the fastest growing product segment in Intimate Hygiene which includes Menstrual Care and Incontinence Products. Essity has acquired 80% of the shares in Knix for $320 million USD. Founder and President, Joanna Griffiths, holds the remaining 20% share.
To learn more about knix and their products please click here
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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CoinSmart Announces Acquisition by Coinsquare
Coinsmart | Release | Sep 22, 2022
TORONTO, Sept. 22, 2022 /CNW/ - CoinSmart Financial Inc. ("CoinSmart" or the "Company") (NEO: SMRT) (FSE: IIR), announced today that it has entered into a definitive agreement dated September 22, 2022 (the "Purchase Agreement") with Coinsquare Ltd. ("Coinsquare"), a leading Canadian crypto asset trading platform, pursuant to which CoinSmart has agreed to sell to Coinsquare all of the issued and outstanding shares of its wholly-owned operating subsidiary Simply Digital Technologies Inc. ("Simply Digital") (the "Transaction").
- The acquisition and integration of these two businesses will establish Coinsquare as one of Canada's largest crypto asset trading platforms with a diversified and compliant offering across various business lines, including both retail and institutional trading, crypto payment processing, and digital asset custody.
- CoinSmart will hold approximately 12% ownership in Coinsquare on a pro-forma basis.
- The combined company has transacted over $10 billion since January 2018, and will have over $350 million in assets under custody with a combined user base in excess of 1 million.
See: FINTECH FRIDAY$ (EP23-Feb 1): Getting Smart About Crypto and Insurtech Snapchat Models – Interview with Justin Hartzman, Co-founder and CEO of Coinsmart Crypto Exchange
- CoinSmart Co-Founders Justin Hartzman, Jeremy Koven, and Michael Koral, amongst others, will join Coinsquare. Justin Hartzman will join the Coinsquare Executive Team and CoinSmart will be entitled to a nominee to join the Coinsquare Board of Directors upon completion of the Transaction.
- Acquisition of Cash and Shares with Upside to Shareholders: consideration payable to CoinSmart at closing of $3 million in cash, and the issuance of 5,222,222 common shares of Coinsquare ("Coinsquare Shares"), with an aggregate deemed value of approximately $26,215,555, plus the ability to receive up to approximately $20 million in additional cash consideration on the achievement of SmartPay business earn-out targets and 1,100,000 Coinsquare Shares on the achievement of over-the-counter ("OTC") business earn-out targets. It is further anticipated that CoinSmart will hold cash (or crypto assets) of approximately $10 million on completion of the Transaction.
"Today is an exciting day for all of us at CoinSmart," said CoinSmart CEO Justin Hartzman. "We are thrilled to be working alongside the Coinsquare team to build one of the largest regulated crypto asset trading platforms in Canada and I could not be more proud of what we have accomplished so far. With a diversified product suite, exceptional crypto talent, and one of the largest user bases in Canada, the combined company will be well-positioned to pursue its aggressive expansion plans. While the crypto market is in the building phase of its life cycle, this transaction will provide the torque needed to be in a favourable position entering the next bull run."
View the original release --> here
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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The Digital Dollar Project Launches Sandbox Program to Explore CBDC Solutions in the U.S.
Original Release | Digital Dollar Project | Aug 31, 2022
WASHINGTON, Aug. 31, 2022 /PRNewswire/ -- The Digital Dollar Project (DDP) announced today the launch of its Technical Sandbox Program to jumpstart further exploration of technical implementations of a U.S. central bank digital currency (CBDC). The program is slated to begin in early October with the inaugural cohort focused on cross-border payments.
See: Digital Canadian Dollar: The Required Steps for Canada
- The program will serve as a collaborative space for the DDP participants and financial service providers, offering a neutral environment for the evaluation of technological, business, and policy approaches to CBDCs. Program participants will examine real-world technology, explore potential implications to business strategies and operations, and experiment to uncover possible use-case specific solutions.
- Each cohort of the DDP Technical Sandbox Program will consist of two phases: an education phase and a pilot phase.
- Education phase - develop a business and functional understanding of the technology and evaluate the differences in possible design choices.
- Pilot phase identify and test specific CBDC use-case hypotheses with the aim of gathering data on business-level impacts.
- The results gathered will be broadly shared and used to inform both private and public sector stakeholders on how advancing technical solutions can unlock business value in a transformative way.
- For more information on The Digital Dollar Project, please visit https://digitaldollarproject.org/.
See: IMF Magazine: Money Revolution in the Age of Crypto and CBDCs
Jennifer Lassiter, executive director of The Digital Dollar Project:
The launch of our Technical Sandbox Program marks the next step in our effort to convene the private and public sector in exploration of a central bank digital currency in the U.S. We understand how important it is to include a diverse set of views and expertise as we look to answer key questions about how the technology could work, the problems we hope to solve, and the ultimate business and individual outcomes we want to achieve. The marriage of these sectors in our collaboration is essential and will lay the foundation for robust pilots that improve the outcomes and usability of CBDCs.
View the original release --> here
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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Securities regulators in Alberta and Saskatchewan expand the self-certified investor prospectus exemption
ASC | Release | Jul 28, 2022
Calgary – The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) have amended the self-certified investor prospectus exemption in response to market feedback to provide greater flexibility to businesses and investors in Alberta and Saskatchewan.
The self-certified prospectus exemption allows investors who certify to having certain financial and investment knowledge, and acknowledge that they understand certain investment considerations and risks, to invest alongside accredited investors, subject to certain limits. To mitigate investment risk, businesses are limited to accepting investments from self-certified investors to $10,000 in any one business and $30,000 across multiple businesses in a calendar year.
See: Alberta, The untold history of innovation from Canada’s badlands – Part 1
One of the goals of the exemption is to have self-certified investors be treated in a generally similar manner to accredited investors. The amendments announced today allow for the sale of securities by a business and for a resale by an existing security holder to a self-certified investor. This is similar to the resale provisions in the accredited investor exemption.
The amendments also allow businesses to sell their securities to certain qualifying special purpose vehicles, in which both accredited investors and self-certified investors participate, without being subject to the investment limits that apply when selling securities to other self-certified investors.
The self-certified investor prospectus exemption has been implemented on a three-year pilot basis expiring on March 31, 2024. Details of the amended exemption are set out in Multilateral CSA Notice of Amendments to Alberta and Saskatchewan Orders 45-538 Self-Certified Investor Prospectus Exemption available on the websites of the ASC and the FCAA.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
See: Alberta and Saskatchewan securities regulators adopt new small business financing prospectus exemption
View the original release --> here
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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CSA 2021-2022 Enforcement Report highlights: Regulators’ Actions to Hold Securities Law Violators Accountable
CSA | Release | Jun 29, 2022
Wide-ranging actions included disrupting ongoing and illegal activity and enhancing technology and analytics capabilities to tackle evolving threats and emerging trends
Montreal – The Canadian Securities Administrators (CSA) today released its fiscal year 2021-2022 Enforcement Report, which outlines the specific actions that CSA members undertook in the past year to detect, disrupt and deter wrongdoing and hold securities law violators accountable.
Highlights from the fiscal year 2021-2022 Enforcement Report include:
- 236 Investor Alerts warned the public about potential harmful or illegal activity;
- 61 interim cease-trade and asset-freeze orders issued;
- 59 matters commenced involving 139 respondents;
- 14 crypto-related matters where the CSA took action in pursuit of clarifying and enhancing regulation;
- 44 individuals and 13 companies banned from participating in the capital markets; and,
- 7 individuals received a combined total of 15.4 years of jail terms for criminal and quasi-criminal cases.
See: CSA releases 2022-2025 Business Plan focused on investor protection
Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers:
This year’s Enforcement Report highlights how CSA members collaborated with each other and with regulators around the world to take action against securities misconduct, protect investors, and strengthen the integrity of our capital markets. We pursued activities to disrupt ongoing and potential illegal activity and enhance our market analytics capacity to support our investigations and tackle sophisticated and evolving threats. I’d like to thank the hard-working and determined staff from CSA member jurisdictions who work tirelessly to identify wrongdoing and hold securities law violators accountable.
Select highlights of the report mentioning Crypto:
- CSA members were part of a 20-country investigation that resulted in the United States Securities and Exchange Commission charging defendants for participating in multi-year fraudulent penny stock schemes that generated more than USD$194 million in illicit proceeds.
- CSA members engaged in a number of NASAA initiatives, including virtual investigative training to help support cross- jurisdictional enforcement efforts and NASAA Connect, an online community that provides a place for members to share information, collaborate and ask and respond to questions.
See: Andrew Kriegler to lead Canada’s new SRO once formed (IIROC and MFDA)
- Improved our market analytics capacity and our technological capabilities to support our investigations and tackle sophisticated and evolving threats including refining our techniques to research and analyze crypto asset trading to better understand the full ecosystem and identify opportunities to disrupt misconduct at every stage, from investor solicitation to advertising to investing.
- We collaborated with third parties, such as law enforcement, the Canadian Anti-Fraud Centre, website domain registrars and crypto exchanges to root out misconduct and target fraudsters who lure investors into scams.
- Unfortunately, investors reported instances of high-pressure sales tactics being used to lure Canadians into fraudulent investment offerings, particularly related to crypto assets. The ease of using social media and the internet to disseminate false information, as well as the escalating market interest in crypto assets, were likely factors.
- The Enforcement Technology and Analytics Working Group, comprised of CSA members across the country, developed a reference framework on the establishment of digital forensic laboratories in a cloud-based environment.
- We developed and conducted training around novel technology and analytics issues and trends to ensure all jurisdictions have the latest insights to improve their enforcement capabilities, such as data mining the web, application programming interfaces for crypto asset trading platforms, and the use of decentralized finance technologies.
Continue to the full article --> here
Download the 14 page PDF 2021/22enforcement report --> here
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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Balance celebrates turning five and surpasses $500M of assets under custody
Balance | George Bordianu | Jun 28, 2022
Balance celebrates turning five and surpasses $500M of assets under custody
TORONTO - June 28, 2022 - Balance is proud to celebrate five years in business serving Canadians as the country's top digital asset custodian.
Founded in June 2017, the company introduced its custody services in a closed pilot in August 2018. The public launch followed one year later, the first of its kind in Canada. Having surpassed $500M of assets under custody (over $2.5B ahead of the recent market pullback), this makes Balance not only the oldest Canadian digital asset custodian, but also the largest.
“Our focus since day one has been to build a world-class solution for Canadian businesses. To compete with established giants such as Coinbase and Gemini, we eschewed vending ready-made solutions and instead built our offline and warm infrastructure in-house. It wasn’t an easy challenge. It took us over one year of building and one year of polishing before our public launch. We’re grateful to our early backers at Techstars and Bicameral Ventures for sharing the vision and taking bet on us. The Canadian ecosystem is better off as a result.” - George Bordianu, Chief Executive Officer
See: Crypto Custody: Our Shared Journey Towards Mass Adoption
Since its August 2019 public launch, Balance has grown its client base to include companies that span Canada, certain US states, as well as BVI and Cayman Islands. Balance successfully serves crypto exchanges, OTC and prop. trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers, foundation treasuries, and more.
“The fact that we built our infrastructure in-house allows us to charge 10-25 bps/year and offer free unlimited withdrawals while maintaining positive unit economics. Typical market rates are 30-50 bps/year with an additional 1-5 bps/transfer. Our prospects sometimes have a hard time believing that a small Canadian company built a solution that’s 2-3x more cost effective than what the industry giants offer. Yet we prove it every day.” - Dustin Plett, Chief Sales Officer
To celebrate these milestones and better showcase its product offering, Balance has launched a new online presence at www.balance.ca.
Contact:
Dustin Donley Plett
dustin@balance.ca
+1 (833) 225-7030
View: Original release
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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