Binance Says Users In Ontario Restricted From Using Its Platform (reuters.com) 83
An anonymous reader quotes a report from Reuters: Binance, the world's largest crypto exchange by trading volume, has confirmed in an undertaking to the Ontario Securities Commission (OSC) that it would stop opening new accounts for users in the Canadian province, the regulator said on Thursday. The dispute between Binance and OSC started in June last year, when the exchange announced its decision to quit Ontario after a regulatory crackdown on crypto exchanges in the province for allegedly failing to meet securities laws. However, in December, Binance notified investors that it was allowed to continue its operations in Ontario while still being unregistered in the province, the OSC said.
In the undertaking, Binance also made a slew of other commitments, including halting trading in existing Ontario accounts, with certain exceptions that the company said were necessary "to protect investors." The crypto exchange also offered to provide fee waivers and reimbursements to certain Ontario users, and said it would hire an independent third party to oversee the implementation of its commitments.
In the undertaking, Binance also made a slew of other commitments, including halting trading in existing Ontario accounts, with certain exceptions that the company said were necessary "to protect investors." The crypto exchange also offered to provide fee waivers and reimbursements to certain Ontario users, and said it would hire an independent third party to oversee the implementation of its commitments.
Dear Ontario... (Score:1, Troll)
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Re: Dear Ontario... (Score:2)
The vast majority of noncustodial (self-custodial is a better word) wallets have a super dumb design when it comes to pvt keys and recovery mechanisms.
I have been trying out all the arcane web3 crypto stuff (basically everything except bitcoin) and its quite a brain dead thing logging into these services with your wallet n pvt key. Probably even 50yo SSH did it better.
But worry not, Jack Dorsey's wallet is fixing all this
Unregulated .. yeah sure .. who needs rules ? (Score:1)
What these cryptos want is no regulations so they can sucker in everyone they please and do whatever they please . Well , tough. Governments are stepping in and cracking. Good riddance.
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That seems like they trust you, Would those same people hand out their keys if some rando called them up out of the blue, or sent an email(preferably from a Nigerian Prince)?
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No offense, but I can't stress this enough: You specifically (along with most other people) are too dumb to use a non-custodial crypto wallet safely.
I know that sounds mean but it's just the reality of the situation.
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Translation: my clients will give me their private keys if I ask, therefore they are stupid and should give someone their private keys.
Lol. I guess it kind of sounds smart when you put the big words in?
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Problem is, "classical" financial institutions do not want to do anything with cryptocurrencies
Now explain to the folks in the cheap seats why this is a problem.
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I'm not sure I see how you're agreeing with the sentiment. If some organization has your private keys then they really have your money. There isn't really much point in keeping it separate "wallets," and realistically you're probably better off with them leaving the paper trail under their own name instead of yours. Either way, letting a crypto exchange take care of your stuff has been a good way to get robbed. The only way to fix that is regulation.
So basically, if you can't manage your own keys then your
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No offense, but I can't stress this enough, you specifically are too dumb to use the internet. No seriously, go back and read my question(which you didn't answer). You then decided that I was too dumb. That is an awful lot of assumptions you just made based on very little information. By all means, keep insulting people who pay you money, you've got a wonderf
You don't give your passwords to IT support (Score:2)
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Re: You don't give your passwords to IT support (Score:2)
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So you are chewing the guy out for agreeing with you?
First you complain that your clients are too stupid to keep their passwords to themselves and then you rag on rsilvergun for agreeing that people should keep their passwords to themselves.
Classy twice over.
Trust (Score:3, Insightful)
I trust Binance to have my best interests at heart more than I trust the Ontario Securities Commission.
Binance's Ontario users presumably agree. If we lived in democracies, that would be the end of this matter.
Masks just keep falling.
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crypto exchanges have a record of splitting with people's cash (MTGOX
The Canadian government's [substack.com] reputation is worse, in my opinion.
The analogy can be nit-picked in other ways: (1) Binance is not the same as Coinbase, (2) HODLers only leave funds exposed for the length of the trade, (3) etc., etc. I think this line of argument misses the point.
It's my second sentence that should settle the matter: if I need to have this argument with you before I'm allowed to use Binance, something is wrong. Who are you? Get out of my way. What I mean by this: these "Commissions" are not
I'm the exact opposite (Score:2)
Really large companies kind of freak me out. If I can be forgiven for Godwining the thread I always think back to IBM working with the Nazis. That's the most extreme example but for something more recent we know for a fact that Coca-Cola was running death squads in
Re: Trust (Score:2)
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Binance's Ontario users presumably agree. If we lived in democracies, that would be the end of this matter.
Ha ha ha! What a laughable claim.
Ontario is a representative democracy, like Canada and virtually every other democratic country on the planet. The elected representatives of Ontario decided to create an agency to regulate financial service providers. Again, like Canada and virtually every other democratic country on the planet.
The fact that some Ontario citizens aren't allowed to use Binance - even though they want to - has nothing to do with Ontario's system of government. It's no different from being
Crypto can't survive even basic regulation (Score:4, Insightful)
It's telling that at the 1st sign of regulation they have to pack up and leave like an old carpet bagger who got called out for scamming settlers. Also telling the only politicians they can get on their side are the really dodgy ones everyone hates like Ted "If you killed him on the floor of the Senate, and the trial was in the Senate, nobody would convict you" Cruz.
This would explain why I'm starting to see GPUs in stock. Still at inflated prices, but if we keep spreading regulation then before long Crypto will die. Not because regulation kills good things, but because with even the bare minimum needed to maintain a functioning system of capitalism crypto, like all ponzi schemes, goes away.
If you're a capitalist this is a good thing. This is the maintenance a capitalist system needs to survive.
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No, you haven't (Score:2)
Now if you'll excuse me, my wife Morgan Fairchild and I are going out on the town tonight.
Feel free to explain how (Score:2)
Also you need to address the elephant in the room which is the massive consolidation of power because of the huge mining pools and the exchanges and the incestuous relationship the two now have. You ca
Unfree Canada (Score:5, Insightful)
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*yawn* Another Freedumber?
The War Measures Act hasn't been a thing since 1988; it was repealed on July 21, 1988, so we already see that you're ignorant.
The Emergencies Act was approved by Parliament, so I'm not sure how you can say it was "illegally" invoked.
And the protestors were certainly breaking the law. They broke at the very least the highway traffic act and many Ottawa bylaws, not to mention harassing residents and businesses downtown and illegally interfering with the lawful use of property.
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Nice, I got downvoted. Exp[and parent.
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*yawn* Another Freedumber?
If you think Charter/Constitutional rights are dumb, I can recommend the very good climate in Cuba or Venezuela.
The Emergencies Act was approved by Parliament, so I'm not sure how you can say it was "illegally" invoked.
Don't take my word for it. Here is Canadian Civil Liberties Association [ccla.org] explaining why it is illegal: "The government has brought in an extreme measure that should be reserved for national emergencies - a legal standard that has not been met."
And the protestors were certainly breaking the law. They broke at the very least the highway traffic act and many Ottawa bylaws
So you are calling protest unlawful based on parking and noise bylaws? What protest would be legal by such ridiculous standards? I recommend you take Civics
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Guess what, Einstein... the emergencies act is subject to the Charter. There were no breaches of the charter.
Yes, the protest was unlawful based on parking and noise bylaws and the fact that it lasted for three weeks and cost downtown Ottawa residents and businesses millions of dollars per day.
We're used to protests in Ottawa. We're used to disruptions. But this was something qualitatively different. It was a hostile occupation of our city core and the holding of tens of thousands of downtown resident [www.cbc.ca]
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As the person from the Justice Department said: "None of the charter rights are absolute and all of them are subject to reasonable limitations" and that is the case whether or not the Emergencies Act is invoked.
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The right to protest legally is sacrosanct. There is no right to occupy a downtown core for three weeks, depriving tens of thousands of people of the right to enjoy their neighbourhoods and forcing thousands into unemployment because businesses had to close. It is those actions that constitute mischief under Sec. 430 of the Criminal Code of Canada, and those actions that required the Emergenies Act to be invoked, because the local police force was unwilling or unable to enforce the law.
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The right to protest legally is sacrosanct.
You got it wrong. It isn't "legally", because people in power would define what is legal. It is The right to non-violently protest is sacrosanct, and shot-sighted people like you are undermining it in 2022. What do you think going to happen when the next Harper comes to power?
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You're arguing semantics. The point is: There's a line which, when crossed, makes it reasonable (or even obligatory) for law enforcement to shut down a protest, and the convoy traitors went waaay over that line.
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If the protestors had made their point, stayed a day or two, and then dispersed, I wouldn't have had an issue with them.
Why are you also not discussing the PM actions? Had Tuedau not go into "undisclosed location" hiding, and from hiding call protesters fringe minorities with unacceptable views, and without any evidence accused them of racism, white supremacist, misogyny and so on, they would have probably only stayed a day or two. Why are you not discussing THAT?
Compare Justin's childish behavior to Pierre Trudeau https://www.youtube.com/watch?... [youtube.com]
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The fact that Trudeau may not have handled the situation well is not relevant to the legality of the protest or the reprehensible behaviour of the convoy traitors and occupiers.
Interesting that you brought up that video, because Pierre Trudeau did indeed invoke the War Measures Act that actually suspended civil liberties in a dramatic way. So... are you saying Justin Trudeau should have done the same thing?
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Actually, it was not a legal protest. Hundreds of charges have been laid and I fully expect many convictions. Just because you keep repeating a lie doesn't mean that the lie will morph into the truth.
You clearly don't live in Canada. In October 1970, civil liberties were suspended, habeas corpus was suspended, and the military was deployed in the streets of Canadian cities. None of that happened in 2022.
Re: Unfree Canada (Score:2)
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Re: Unfree Canada (Score:2)
They have so get a clue. This isn't the right being punished bullshit, it's a limit on protest that balances the unlimited right to obstruct legal society / commerce against the unlimited right to do whatever I like.
Left wing protestors like environmentalists get arrested for stepping outside of the law all the time. I had a friend that blocked the oil pipeline access. They knew they were breaking the law and they were prepared to go to jail for their convictions. The same should go for any movement. If you
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See this, official gov't inquiry: https://www.youtube.com/watch?... [youtube.com]
Conservative MP: Was the protest illegal before the Emergencies Act was declared?
Justice Department:I wasn't aware of any charges being issued before that time.
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Hundreds of people were arrested on mischief charges, so there's that. And mischief, despite its name, is a pretty serious offense with potential jail times up to life in prison (although nobody has actually been sentenced to that yet.)
There were few arrests before the Emergencies Act was invoked because the Ottawa Police Service was incompetent to the point of complicity. Once there were enough police officers to make arrests effectively, hundreds were arrested and hundreds were charged.
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You really are an idiot. Mischief is an offense defined in the Criminal Code of Canada, Section 430 [criminal-code.ca].
430(1) Every one commits mischief who wilfully (a) destroys or damages property; (b) renders property dangerous, useless, inoperative or ineffective; (c) obstructs, interrupts or interferes with the lawful use, enjoyment or operation of property; or (d) obstructs, interrupts or interferes with any person in the lawful use, enjoyment or operation of property.
I was wrong about the maximum sentence... the max
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Fortunately, Canadian Courts are not nearly as autocratic as you. I fully expect all charges to be dismissed for regular protesters, and Tamara Lich to get not guilty verdict. This is because, or maybe despite, Justin Trudeau trying to turn Canada into Cuba.
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You're welcome to read the Criminal Code of Canada. It pretty plainly lays out what the crime of mischief is. And yes, anything that interferes with private citizens' rights to enjoy their property and make a living is illegal. Absolutely, yes.
Most protests in Ottawa take place on Parliament Hill. A few take place in front of embassies or other government buildings. Some of them might disrupt traffic for a few minutes or a couple of hours. That's fine; it doesn't seriously deprive private citizens of
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And ok, let's take a bet on the verdicts. I bet Pat King and Lich are both either convicted or they plead guilty to an offense.
I bet that Pat King and Tamara Lich would ether get acquitted or acquitted on appeal, but we won't find out for YEARS because the process in the punishment.
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I'm willing to wait as long as it takes for the results.
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The police gave the protesters plenty of warning to clear out and those warnings were ignored for literally days. They didn't "horse-charge" them. They went in on horses and a few idiots decided not to get out of the way. They arrived at the "FO" stage of "FAFO".
And yes, leftist and non-white protestore are subjected to police violence all the time. These entitled white Karens got a tiny, tiny taste of the state enforcing the law and ran away whining. Fuck 'em.
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They didn't "horse-charge" them. They went in on horses and a few idiots decided not to get out of the way.
Bullshit. There are videos all over internet of them trampling peaceful protesters: https://rumble.com/vvleto-inte... [rumble.com] and attacking journalists: https://rumble.com/vvbzw8-otta... [rumble.com]
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Those videos show what I said: idiots electing not to get out of the way of horses. Recall that by this point, the protestors had been given days of warning to disperse; warnings they ignored. Again: FAFO. If you break the law, don't whine when the state uses very reasonable force to enforce the law.
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Those videos show what I said: idiots electing not to get out of the way of horses.
Don't be childish. Charging peaceful protesters with horses is Uncanadian and is not reasonable use of force in a civilized country. You failing to acknowledge this out of partisan reasons is a shameful smear on your Canadian identity.
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Meh. Whatever. 2/3 of Canadians oppose the convoy traitors, so you're on the wrong side of history.
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Re: Unfree Canada (Score:2)
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Meanwhile, foolish Canadian public appears to support such abuse of power, with notable exception of First Nations, that understand that they are going to be next on the receiving end of these new measures.
Emphasis mine.
Holy shit, what an ignorant or dishonest statement. The First Nations wish they could be treated as well as the freedom truckers were. The freedom truckers blockaded the capital and blasted their horns 24/7 for 3 weeks with essentially no police response. Meanwhile, the RCMP brings snipers and helicopters in when natives protest the construction an of oil pipeline going through their territory. In fact, most First Nations people I've heard were complaining at the obviously unfair treatment
Where were you when BLM protestors (Score:2)
It's painfully obvious you don't care until it's your guys on the receiving end (even when your guys showed up explicitly to bring the city to it's knees and cause pain and suffering, and said so repeatedly on camera).
And Binance is free to do business in Canada... after they comply with the same securities and anti-money laundering laws everybody else does
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I am so glad your Russian Vodka stipend is continuing unabated, comrade. For Mother Russia!
Why is this a provincial issue? (Score:1)
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There is or was a push to have a federal securities regulator in Canada because you're right... it makes no sense to have a patchwork of regulations across the country. But I don't think anything has yet come of it.
Re: Why is this a provincial issue? (Score:2)
Any actual firsthand victims of Crypto here ? (Score:2)
I am wondering how come we dont hear from any actual firathand victims of crypto here ? :)
And don't tell me its Decentralized victimhood
We only hear people with all sorts of theories about crypto who ignore the fact that in actual practice most of the crypto stuff has somehow been working to garner a Trillion dollars of market cap and volumes regardless of how we think it's all a house of cards. You have govts and corporates and funds and the highest networth individuals owning billions of it and the bubble