Canada Shuns Crypto: OKX Out, Dubai Embraces Crypto.com

OKX exits Canadian market.
Crypto.com obtains Dubai MVP license.
Strict VARA guidelines enforced.

On March 20th, Canadian cryptocurrency enthusiasts received a disappointing announcement from OKX, a leading digital currency exchange. The company revealed that it would no longer provide services or permit new account registrations in Canada as of March 24, 2023, 12:00 AM EST.

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This decision was made in response to newly implemented regulations. OKX has given existing Canadian clients until June 22, 2023, to close any outstanding positions in options, margins, perpetuals, and futures, and to withdraw any fiat or tokens.

In contrast to OKX’s withdrawal from the Canadian market, Crypto.com $ 0.133379 3.93% shared some promising news. The popular crypto exchange has been awarded a minimal viable product (MVP) preparatory license by Dubai’s Virtual Asset Regulatory Authority (VARA). This milestone follows the company’s receipt of provisional approval from the Dubai regulator in 2022.

The MVP license signifies that Crypto.com has entered the preparatory phase, during which it must adhere to VARA’s stringent guidelines. These rules stipulate that any virtual asset activity conducted in Dubai, including promotional offers and events, must be authorized and licensed by VARA.

Crypto.com’s MVP preparatory license was granted after a comprehensive assessment of the platform. This evaluation took into account various factors such as key personnel, governance procedures, Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures, Know Your Customer (KYC) policies, ultimate beneficial owner procedures, compliance practices, and cross-border security measures.

In other news, due to his absurd wager that one Bitcoin (BTC) will be worth $1 million in 90 days, Balaji Srinivasan became an instant sensation. Recent events indicate, however, that he may not be making an absurd prediction after all.

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José Gustavo

José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.