As it becomes obvious, we are going to see more crackdowns on crypto. It does not only happen in the United States but also in other countries. Canada bans crypto exchanges and crypto trading platforms to offer any margin and leveraged trading.
The Canadian Securities Administrators (CSA) updates terms and conditions for crypto trading companies. Any crypto exchange or trading platforms that like to operate in Canada need to comply with these terms and conditions. They warn people about the risk of getting involved in cryptocurrency and crypto assets.
The CSA urges traders and investors to use only the platforms registered with CSA members for trading and investing in cryptocurrency. The authority takes initiative to protect investors from losing money in crypto.
In spite of different initiatives from the central authority, local pension funds lost their money in crypto. When lending platforms like Celsius and BlockFi offer lucrative interest, it feels like banks. And with the slogan of unbanked yourself, those lending platforms did a wonderful job getting people rekt.
Cryptocurrency gives people control and freedom, but if you let the control and freedom go by transferring your crypto to any third party, the third party is in control, not you. They can do whatever they wish with your crypto. They can gamble with your crypto, engage in highly risky activities, and lose your crypto.
When they lose your crypto, do you think they feel sorry for that? Before filing for bankruptcy, they withdraw and fill their bag as much as they can. They disclose your personal information to the court and make it public. You not only lose your crypto but also become very vulnerable because your private information is out there.
Before transferring your crypto and doing KYC, ask yourself whether it is worth it. By the way, those crypto platforms can play the worst trick to get your crypto. When you transfer your crypto to their platforms, you don't need KYC, but when you are about to withdraw your crypto, you have to go through KYC and comply with different terms.
After the magical collapse of FTX, all other crypto-related platforms are going through a hard time that has exposure to FTX directly or indirectly. Financial institutions will be careful and think twice before getting involved in crypto. Regulatory clearance can give those institutions confidence to make their moves in crypto.
But don't expect regulators will be there for your protection. They have their own agenda. They are moving forward focusing on that. If you are in crypto, you need to ensure your safety and security.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2.
Reference: 1.
About Me
Hi, I am Rezoanul Vibes. I'm a content creator and passionate learner. I write about finance, cryptocurrency, and lifestyle. I'm glad to meet amazing people all over the world.
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