F|T: The FinTech Times – Binance set to leave Canada in face of new regulation

Plus: Float launches a new corporate card on back of new growth.

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Float launches new corporate card as it experiences growth in economic downturn (BETAKIT)

The second version of the corporate card comes two years after Float first launched, and follows a 4x increase in its revenue. Float claims it has helped thousands of customers, processing over 140,000 transactions per month.

Some of the new features of “Float Cards 2.0” include merchant and category restrictions, temporary spending limits, and one-time use cards.

Binance pulls out of Canada amid new crypto regulations (REUTERS)

Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.

“A new bottom”: Toronto and Waterloo Region venture funding fell short in first quarter of 2023 (BETAKIT)

Venture funding in Toronto and the Waterloo Region had a particularly sluggish start to 2023, with startups in the neighbouring tech ecosystems raising less than eight percent of what was raised in the same quarter last year.

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Revolut hit by departures of CFO and UK banking chief

Revolut has lost its UK banking chief executive and group chief financial officer, the latest departures from the London-based fintech whose culture has drawn scrutiny from regulators even as it seeks a banking licence in its home market.

The company is still awaiting a banking licence in its home market 28 months after first applying for one.

BC venture deal volume reached a three-year low in first quarter of 2023 (BETAKIT)

According to briefed.in's latest report, in the first quarter of 2021, startups in BC raised a total of $95.1 million through nine deals. Investment in terms of dollars raised fell by 78 percent from the fourth quarter of 2022 and 82 percent year-over-year.

Canada faces risk of falling behind G7 on open banking, Abraham Tachjian says (THE LOGIC)

With the US Consumer Financial Protection Bureau intending to introduce regulations around open banking next year, Canada could potentially be the only G7 country without a system if it doesn’t move forward, Tachjian, the federal government’s appointed open banking lead, said at the Payments Canada Summit on Friday. “We run the risk of falling behind our peers,” he said.

How startups can better manage their e-waste (BETAKIT)

The life cycle of electronics needs to be re-envisioned, said Electronic Recycling Association (ERA) managing director Andrew Wesolowski, especially if we want to sustain the environment we inhabit.

Wesolowski said startups are the target businesses the ERA aims to help with the equipment it repurposes, as they "typically would not have much to discard since they are just entering the market."

Digital loonie? Bank of Canada wants your thoughts on potential new currency (GLOBAL NEWS)

Compared to private cryptocurrencies like Bitcoin, which can sometimes fluctuate in value like a stock, a digital currency backed by the central bank would not be subject to the same level of volatility — it would always retain the same value as a Canadian dollar.

Inflation blamed for decline in mental health of Canadian founders in the last year (BETAKIT)

Based on a survey with 1,500 respondents, the Business Development Bank of Canada (BDC) found that rising inflation rates has taken a toll on startup founders, identifying that as a potential stressor that could be behind why their mental health significantly declined in the last year.

Robinhood to Launch 24-Hour Trading on Weekdays in Stocks and ETFs (THE WALL STREET JOURNAL)

Robinhood said Wednesday that it will offer 24-hour trading of selected stocks and exchange-traded funds, five days a week. The move is part of a growing push in parts of the financial industry to expand trading beyond traditional Wall Street operating hours.

Walmart takes fintech plunge into Mexico's risky marketplace (REUTERS)

U.S. retail giant Walmart wants to get on top of Mexico's fintech market with its Cashi digital wallet, yet analysts say its drive is strewn with potential pitfalls due to the proliferation of risky clients in the largely untapped market.

Diagram Ventures closes $100-million for latest fund as it continues to bet on FinTech (BETAKIT)

Diagram Ventures remains bullish on FinTech companies as it launches its latest venture fund with a first close of $100 million CAD.

This bullish focus on FinTech comes as the state of the sector has been a mixed bag over the last year.

Ripple will have spent $200 million fighting SEC lawsuit, CEO says (CNBC)

The SEC accuses Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen of breaching U.S. securities laws by selling XRP (a cryptocurrency closely associated with Ripple) without first registering it with the regulator.

Ripple contests the SEC’s allegations, maintaining the view that XRP should be considered a digital currency rather than a security.

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Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

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