Binance lays off 20% of its staff, Bybit leaves Canada: what’s new in the cryptocurrency market
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The main thing in the cryptocurrency market.
Photo: pixabay.com 0 Canadian authorities have launched an investigation against Binance
A few weeks after crypto exchange Binance announced it would cease operations in Canada due to new regulatory requirements, the Ontario Securities Commission (OSC) launched an investigation into the company.
The OSC applies all of its regulatory powers to obtain documents and data from Binance and possibly from third parties. At the same time, the exchange seeks to counter these actions, referring to the 2022 agreement with the OSC, which prohibits the use of enforcement measures.
On May 10, the commission issued an “investigation order” to determine whether Binance violated Canadian securities laws.
Crypto exchange Bybit announced its withdrawal from Canada
Cryptocurrency exchange Bybit announced its withdrawal from the Canadian market. The reason, as in the case of Binance, was the new regulatory norms in the country.
Yesterday, May 31, the Bybit exchange stopped registering new users from Canada. Existing users will not be able to make deposits, increase their positions and open new contracts. All open transactions must be closed by September 30.
Last year, the country’s government published new rules for crypto firms. In particular, cryptocurrency exchanges must store user assets separately from company assets and use a third-party custodial service.
Register and get 100 USDT! Chinese police shut down the startup Trust Reserve, which launched a stablecoin pegged to the yuan
The authorities of mainland China continue their policy of persecuting cryptocurrency companies. The Trust Reserve project team behind the renminbi-pegged stablecoin CNHC was recently detained.
Employees’ families have been notified of the detentions at Trust Reserve, and the project office in Shanghai is closed.
Trust Reserve, formerly known as CNHC Group, launched the renminbi-pegged CNHC stablecoin in 2021, and later the Hong Kong dollar-pegged token HKDC. At the same time, both stablecoins were available only on one centralized TruBit Pro exchange.
The management of the company planned to significantly increase the availability of stablecoins on other centralized platforms. This, according to the local media, attracted the attention of the Chinese authorities, because cryptocurrencies are prohibited in the Celestial Empire.
Binance lays off 20% of its staff
The world’s largest crypto exchange intends to cut a fifth of its staff in June. According to Wu Blockchain, the fact of personnel reduction was confirmed by the people who received the corresponding notice of dismissal.
In total, Binance is expected to cut about 20% of its 8,000 employees worldwide. Redundancies in the cryptocurrency business can have serious consequences.
First, it can affect the morale of the rest of the staff, reducing productivity. Secondly, to reduce the confidence of the market, thereby affecting the price of crypto-assets.
Responding to requests from the media, representatives of Binance assured that the staff reduction is not related to optimization issues.
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Source: Ministry of Finance
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