Canadian regulators have failed to serve the interests of the people.

Jeff Kirdeikis shows his support for the crypto exchange Binance.

Jeff Kirdeikis, the CEO of TrustSwap, has expressed his disappointment in Canadian regulations. He claims that Canadian regulators have failed to serve the interests of the people. Jeff Kirdeikis’s controversial tweet got the attention of the crypto community.

On June 21, TrustSwap’s CEO tweeted, “Canadian regulators are a joke.” He has been forced to pull his money from the most reputable and safe CEX out there. Moreover, the regulators are not serving the people.

Canada Tightens Its Regulation 

Canadian regulators have been continuously tightening the regulations for the crypto trading platform in recent months with the introduction of the pre-registration process. According to the Ontario Securities Commission website, companies that do not adhere to the rules may face regularity actions. 

The country has announced a series of regulations for cryptocurrency exchanges, including investor limits and requirements for registration. In this pre-registration process, exchanges and other companies will have to follow the custody rules, which discuss the separation of crypto assets held for local clients, a ban on margin or other forms of leverage, and a ban on selling stablecoins without the CSA’s permission.

According to the report, Unregistered cryptocurrency trading platforms now have 30 days to provide a new pre-registration undertaking. Companies that are unable or unwilling to comply are expected to be banned in Canada and remove Canadian users.

Binance Departs from Canada

After the new regulations, the world’s largest crypto exchange, Binance, announced that it was withdrawing from Canada. Binance stated that It disagrees with the latest guidelines and aspires to collaborate with Canadian regulators to develop a thorough framework for crypto activities in the country.

Binance mentioned that the Canadian market is no longer available for Binance due to the recent guidelines offered to crypto exchanges about stablecoins and investor limitations.

Changpeng Zhao, the CEO of Binance, has stated that the exchange still believes that it will return to the Canadian market when Canadian customers once again access a wider range of digital assets without restriction.

TrustSwap CEO Supports Changpeng Zhao

In the tweet, Jeff Kirdeikis mentioned, “Keep up the fight,” to show his support for the crypto exchange Binance, which has left the Canadian market disagreeing with the new crypto guidelines. Moreover, the crypto exchange is now fighting against the lawsuit filed by the U.S. Securities and Exchange Commission. 

Jeff Kirdeikis also added that Bitcoin reached the landmark of $30,000 and will surge more. Cryptocurrency is the future of money. The corrupt regulator and politicians can try to stop the future of money, but they can’t do that. Bitcoin brings the power back to the people, he mentioned in his tweet. 

A crypto enthusiast replied to his tweet, questioning whether TrustSwap is based out of Canada. He replied that it used to be that TrustSwap left because of regulations and high taxes. Moreover, a lot of crypto enthusiasts continue to show their support for Jeff Kirdeikis’s disagreement against Canadian Regulations.

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Filed under: Bitcoin - @ June 22, 2023 1:00 am