RIYADH: Bitcoin, the leading cryptocurrency in trading internationally, moved higher on Sunday, rising by 0.05 percent to $47,194, at 12:311 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, traded at $3,741, up 0.41 percent, according to data from Coindesk.
Binance, the largest crypto exchange, said it will not allow Ontario users of its cryptocurrency trading platform to trade or open new accounts after Friday’s meeting with the Ontario Securities Commission, Bloomberg reported.
The commitments come a day after the Ontario Securities Commission publicly reprimanded Binance for an unacceptable letter telling its Ontario users that they can keep their accounts open, despite the lack of a platform trading registration with the securities regulator.
“Binance’s notice was intended to communicate that Binance had decided to actively pursue registration in Canada and that Ontario users would not be required to close or liquidate their accounts on December 31, 2021,” Binance said in a statement, adding that the letter “may not have been as clear as intended.”
Binance has also committed not to market its services to Ontarians.
Meanwhile, Democratic Senator Elizabeth Warren, who represents Massachusetts said cryptocurrencies are not a true path toward financial equality, criticizing the industry for the fact that Bitcoin is even more closely held by the wealthy than dollars.
“The crypto industry claims that crypto is the path to financial inclusion, but bitcoin ownership is even more concentrated within the top 1 percent than dollars. We need real solutions to make the financial system work for everyone, not just the wealthy,” Warren said in a tweet.
Congress and federal regulators are stepping up their scrutiny of cryptocurrencies amid growing calls for tougher regulations for the booming industry.