F|T: The FinTech Times – Canadian FinTech startups tired of open banking waiting game

Plus: Federal budget 2023 commits to cleantech, little else

Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe. If you want to read F|T before anyone else, make sure to subscribe using the form at the bottom of this page.

With no open banking update in #Budget2023, FinTech executives are increasingly jaded about timeline for delivery (BETAKIT)

Despite the open banking advisory committee’s call for the federal government to move aggressively to implement the first phase of the system by January 2023, and the Liberal Party’s 2021 election promise to implement a made-in-Canada model “no later than the beginning of 2023,” the system remains delayed.

The federal budget, tabled March 28, didn’t include a mention of the future system.

Binance and CEO Changpeng Zhao sued by CFTC over trading and derivative violations (TECHCRUNCH)

Binance, the world’s largest crypto exchange by volume; its CEO Changpeng Zhao; and Chief Compliance Officer Samuel Lim, are being sued by the U.S. Commodity Futures and Trading Commission, according to a filing on Monday.

The exchange has never registered with the CFTC in any capacity and has “disregarded federal laws” for U.S. financial markets, including laws that implement controls to prevent and detect money laundering, terrorism financing, among other aspects, the filing states.

PureFacts acquires Xtiva to bolster its revenue management solutions (BETAKIT)

According to Toronto-based PureFacts, the deal combines its infrastructure for gross and net fee calculations and reporting, with Xtiva’s technology and expertise in incentive and performance compensation management. This consolidated entity, which will operate under the PureFacts umbrella, is expected to offer a “complete” revenue management solution.

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Binance hid extensive links to China for several years

Binance hid substantial links to China for several years, contradicting executives’ claims that the crypto exchange left the country after a clampdown on the industry in late 2017, according to internal company documents seen by the Financial Times.

The documents underscore the extent to which Binance, now the world’s largest crypto exchange, has sought to obscure the extent and location of its operations as regulators scrutinise crypto-related activity.

Federal #Budget2023 includes cleantech commitments, little else for innovation (BETAKIT)

The Government of Canada's 2023 budget is out and it's heavy on cleantech and light on innovation.

Notable commitments include $500 million for cleantech investing through the Strategic Innovation Fund, and numerous new cleantech and clean energy investment-related tax credits totalling billions of dollars. Additionally, the feds are instituting guidelines on the disclosure of crypto assets for federally-regulated financial institutions and pension funds in the wake of high-profile failures like FTX.

Crypto industry pushes back on stricter stablecoin rules (THE LOGIC)

A group of prominent Canadian crypto companies that includes Wealthsimple, Coinsquare and WonderFi is pushing back against regulators’ plans to treat stablecoins as securities, The Logic has learned.

Ontario budget gains kudos for streamlining procurement, increasing access to skilled talent (BETAKIT)

The province committed to providing an additional $2 million for the Futurpreneur program, $224 million for a new capital stream of the Skills Development Fund to leverage private-sector expertise, and boost the Ontario Immigrant Nominee Program with an additional $25 million over three years to attract more skilled workers.

FreshBooks lays off 10 percent of staff as company targets profitability (BETAKIT)

The staff cuts affected approximately 80 members of the accounting software company’s 800-person team, according to a letter obtained by BetaKit that was sent to FreshBooks employees.

This headcount reduction marks FreshBooks’ second round of layoffs in recent months.

Crypto exchange Kraken commits to tougher rules required by Canada (COINDESK)

U.S.-based cryptocurrency exchange Kraken will continue operating in Canada and complying with tougher rules set out by the country’s financial regulator, the Canadian Securities Administrators.

While some big crypto players have left the Canadian market over the stricter regulations, Kraken is sticking around and will notify customers about service changes and their impacts over the coming months.

Québec budget aimed at stimulating the economy with investments in tech sectors, skilled labour (BETAKIT)

Québec Finance Minister Eric Girard released the 2023-2024 budget, making clear that the provincial government is betting on economic growth. The plan earmarks $900 million towards new initiatives intended to stimulate economic productivity and innovation, and $615 million to address the labour shortage.

Bittrex shuts down US crypto exchange due to 'regulatory environment' (DECRYPT)

Bittrex co-founder and CEO Richie Lai said on Twitter that it was not "economically viable" to continue to run the exchange in the "current U.S. regulatory and economic environment."

The U.S. Securities and Exchange Commission has launched its toughest crackdown on the crypto industry yet, and has hit a number of American crypto companies with fines—including popular Kraken last month.

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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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