Binance Leaves Canada [ Crypto Espresso 5.15.23 ]

It's Monday and you know what that means A brief blurb about how much your host Andrew hates Mondays this is crypto Espresso your teeny tiny daily shot of Caffeinated crypto headlines and let's Rock and or roll first up binance the World's largest crypto exchange has Decided to leave the country of Canada Due to new regulations on the crypto Industry specifically the company Announced on Twitter that it was Withdrawing from Canada because of the New rules imposed by the Canadian Securities administrators on crypto Trading platforms the CSA issued a Notice in February that required all Crypto platforms operating in Canada to Register with the relevant Securities Regulators within 30 days or cease their Activities the notice also stated that Platforms must comply with stricter Standards on stablecoin's approvals Customer asset protection and leverage Or margin trading Finance for their part Said that they tried to find a way to Continue serving their Canadian Customers but they had no viable option The company expressed its regret and Gratitude to The Regulators who worked With it collaboratively binance also Said that it hopes to return to Canada Someday when the regulatory environment Is more conducive for crypto Innovation Notably binance founder and CEO Chiang

Pang xao CZ was born in China but moved To Canada with his family when he was Only 12 years old and hey say it with me Folks binance is the parent company of Coin market cap over the past few days The ethereum network has faced some Challenges in finalizing transactions on May 11th and 12th the network Experienced two incidents that prevented Block finalization for 25 minutes and Over an hour respectively the cause of The problem is still under investigation But it seems to be related to high load On some of the clients the network was Able to continue operating thanks to the Diversity of clients available to Validators however the developers Released patches for two of the affected Clients prism labs and teku to optimize Their performance and avoid excessive Resource consumption these updates are Expected to restore stability and Security to the beacon chain the Ethereum Foundation has also urged Validators to update their clients as Soon as possible the beacon chain was Launched on December 1st 2020 and merged With the existing proof of work chain on September 15 2022 since then the network Has seen increased activity and staking Rewards especially due to the popularity Of meme coins according to on-chain data Validators earned 46 million or 24 997 eth in the first week of May a new

Bill proposal on stable coins is being Considered by U.S House Democrats According to a source familiar with the Matter the bill which has not been Officially introduced yet would differ From the previous bipartisan effort led By Representatives Patrick McHenry and Maxine Waters in 2022 the McHenry Waters Bill aimed to create a clear regulatory Framework for payment stable coins which Are digital assets pegged to the US Dollar or other Fiat currencies the new Bill proposal would reportedly include More consumer protection measures and Give the Federal Reserve more authority Over stablecoin issuers it would also Define payment stable coins as a Specific asset type and impose stricter Rules on how and where stable coin Reserves are held the bill proposal Comes amid growing interest and concern Over the role of stable coins in the Crypto ecosystem and the broader Financial system and it reflects house Democrats intention to address these Challenges and ensure that stable coins Are safe and compliant with existing Laws terraform lab's co-founder dokwan Is on the loose well he's been released From custody in Montenegro on bail Anyway Kwan and his former CFO Han Chung Joon were arrested back in March 2023 For allegedly using fake documents to Travel they had their passports

Confiscated by South Korea in October of 2022 where they are wanted by Interpol For their role in the 40 billion Collapse of the Terra ecosystem in May Of 2022 the bail amount for each of them Was set at 400 000 Euros and they will Be under house arrest until the trial Begins on June 16th the court also Ordered Quan and Cheng Jun to verify the Validity of their travel documents and Identity cards which were supposedly Issued by Belgium Kwan's lawyers Submitted their bail request on May 11 And the court approved it on May 12. Juan is facing criminal charges of Document forgery in Montenegro as well As freezing of his personal assets worth 176 million dollars by South Korean Authorities he is one of the main Suspects in the terrorist Scandal which Shook the crypto industry and caused Massive losses for investors and users And finally some former users of Quadriga CX a Canadian crypto exchange That collapsed in 2018 will soon receive A fraction of their lost funds the Exchange's founder and CEO Gerald cotton Died unexpectedly at the age of 30 Leaving behind a mystery of missing or Inaccessible crypto assets worth about 190 million dollars Ernst and Young the bankruptcy trustee Of quadriguez CX announced an interim Dividend that will distribute about 87

Percent of the funds it currently holds To creditors with proven claims the Dividend amounts to roughly 13 of each Creditor's claim minus some deductions In total the claims against quadriguez CX amount to 223 million dollars from 17 648 creditors including the Canada Post And the Canada Revenue Agency the Interim dividend is the result of a long And complex process of recovering and Liquidating assets from quadriguez CX And Cotton's estate the trustee is still Holding some funds as reserve for future Disbursements and administrative costs Creditors with disputed claims will not Receive any payment until their claims Are resolved and here's a claim I claim That you should like this video Subscribe to our YouTube channel and Click on that little bell icon to get Buzzed whenever a new crypto espresso Video goes live it's a pretty hefty Claim right and what did you think of Today's episode perhaps you should leave A comment below and let all Andrew know I hear he loves to hear about people's Thoughts on crypto espresso a little Birdie told me questions about today's Headlines or crypto in general why not Take the plunge and ask Alex in that Description below Alex is always a great Resource for all things web 3 and the Metaverse and that about does it for Today as always I've been your host

Andrew these have been your headlines And we'll see all of your beautiful Shining faces tomorrow