Initial encouragement seems to have disappeared as the Ontario Securities Commission bares its teeth.
Binance Faces Regulatory Opposition
After this week’s headline regarding regulatory approval in Canada, Binance will be dismayed at the latest opposition to surface from Ontario.
Binance had announced that they had received a financing license in Canada in encouraging news earlier this week. The regulatory approval had, however, clearly not been met with unanimous agreement after opposition in Ontario.
“The Ontario Securities Commission (OSC) is notifying investors that Binance is not registered under securities law in Ontario. This means they are not authorized to offer trading in derivatives or securities to persons or companies located in the province.” Ontario Securities Commission announced in a statement on December 30.
Binance’s recent registration as a money services business with Canada’s anti-money laundering authority FinTrac seemed to indicate the direction that regulatory bodies were willing to take in the country. The latest announcement will further confuse users and perhaps shows there is still some way to go for Binance to appease the relevant authorities.
Binance sought to further clarify the ‘miscommunication’ in an official statement to The Block on December 30:
“Unfortunately, there has been a miscommunication. Earlier in the week we notified users in Ontario that they did not need to close their accounts by December 31, 2021 following discussions with the Investment Industry Regulatory Organization of Canada and the Alberta Securities Commission regarding registration across Canada. However, we did not meet directly with the Ontario Securities Commission about our intentions, which was clearly an error that we are correcting. We will provide updated guidance to users as soon as possible.”
The statement suggests that the restrictions are simply a result of not having conducted the relevant meeting. Whether this matter can be quickly attended to and find a mutual agreement is not yet clear, but it is becoming apparent that each regulatory body will be unequivocal in its handling of crypto approval.
As far as Binance is concerned, they appear to be taking all the necessary steps to appease the relevant bodies. This latest development will simply be another checkpoint toward wholesale approval and adoption.
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Kalmar Sets Roadmap for 2022 After Christmas NFT Sale
With developments just around the corner, will 2022 be a year of even further innovation for Kalmar?
Kalmar Maps Out Immediate Future
The project has set down a series of development objectives it hopes to carry out within the first few months of the new year.
There is an understanding by the project that the space is quickly developing, and they must act in turn if they are not to be left behind. In a blog post on December 24, Kalmar has announced a clear list that it intends to complete within the first quarter of 2022.
“Here is the list of development objectives we will focus on within the next 3-4 months:
• KalmySwap & KALM LPs
• DAO
• vKALM
• Kalmy NFTs utility
• NFT Gallery
• Entire platform bugs review and optimization”
The exhaustive list hints at the kind of innovations other projects have already been able to implement, and it may well be for that reason that Kalmar has offered a timescale of just months within which it will complete the objectives.
NFT galleries and even DAOs have been popular throughout the cryptosphere of late, as projects seek to distinguish themselves and follow the latest trends in digital assets. Kalmar will look to highlight its efficiency in this respect, as the announcement even goes on to define its key priorities for the coming year:
“We will be adding marketing, execution, and capturing liquidity to the list. After a previously mentioned round of optimization, we will focus on reviewing current LP mining/other KALM incentives to create a stronger environment for attracting TVL.”
How achievable and effective these priorities remain to be seen, but we will certainly be tracking the impact of Kalmar’s latest efforts here at BSC News.
What is Kalmar?
Kalmar is a decentralized bank powered by DeFi and Non-Fungible Tokens (NFTs). The protocol uses secure financial instruments and advanced gamification models to make banking engaging, transparent, and accessible.
Source: BSC News
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