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Forex Trading And Due Diligence: How Toronto Attorneys Can Help Investors – Amazing boom of FTX Ltd. has scuttled its plans to officially launch in Canada, but it’s unclear whether regulators in the country could look into the cryptocurrency exchange’s ledgers as part of their due diligence on companies that now face potential criminal liability.
Months before it filed for bankruptcy amid a scandal that continues to reverberate throughout the global crypto industry, FTX was on track in June to acquire Bitvo Inc., a Calgary-based crypto exchange regulated by all 13 provincial and territorial securities commissions in Canada . It’s one of several opportunities Canadian regulators are supposedly prepared to take a closer look at FTX’s finances.
Forex Trading And Due Diligence: How Toronto Attorneys Can Help Investors
Bahamas-based FTX already operates in Canada, albeit without regulatory approval. Retail investors are able to hold digital wallets on the FTX platform to store their crypto, with many using VPN technology, which names their Canadian location and creates a private network from a public internet connection.
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Still, FTX wanted a “real Canadian footprint” and this was just the beginning of its move into the country, the company’s founder and former chief executive officer Sam Bankman-Fried told The Globe and Mail at the time.
“We are looking to grow in a place where regulators are working with the sector to create meaningful opportunities,” Mr Bankman-Fried said. The Alberta government has praised the launch, calling it a vehicle to “further enhance our reputation and our opportunities in technology, and innovation.”
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Bitvo announced on Tuesday that the owner of Pateno Payments Inc. has terminated the agreement with FTX, which was previously expected to be finalized in the third quarter of this year.
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Additionally, FTX is facing a criminal investigation in the Bahamas, according to a news release by the Caribbean country. And the U.S. prosecutor – including the Justice Department, the Securities and Exchange Commission and the Commodity Futures Trading Commission – are investigating how FTX has handled client funds, Reuters first reported this week.
FTX funneled nearly US$10 billion worth of client assets to an affiliate trading firm, Alameda Research, which is also owned by Mr. Bankman-Fried and has since suspended its operations, the Wall Street Journal and crypto publication CoinDesk reported.
Alameda allegedly invested FTX assets in risky bets, contrary to FTX’s own terms of service and contrary to common industry norms, which require market brokers and exchanges to keep client funds segregated from company assets.
It’s a situation that raises many questions for Canadian regulators, who have struggled to regulate international crypto players to operate here. The CEO of the Ontario Securities Commission, Grant Vingoe, recently called it a dilemma on multiple levels: insufficient coordination in developing cross-country regimes for crypto platforms, limited resources and non-compliance by companies in the sector when facing sanctions.
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In an interview Tuesday, Bitvo CEO Pamela Draper said her company had no material exposure to FTX or the company’s cryptocurrency, FTT, outside of the now-cancelled acquisition agreement.
When the deal was first announced, neither FTX nor Bitvo disclosed the exact terms or valuation. It is awaiting regulatory approval and Bitvo is not allowed to look into FTX’s books, although FTX has been able to manage Bitvo’s finances.
FTX plans to sell itself to rival Binance Holdings Ltd. after announcing a “liquidity crisis.” But shortly after conducting due diligence, Binance said it was moving away from a rescue acquisition, issuing a statement that referred to discrepancies in FTX’s books and expressed concerns about how it handles client assets.
The Ontario Teachers Pension Plan has its own opportunity to conduct due diligence into FTX. Guru said last week that it is investing a total of US$95 million in FTX in two rounds: US$75 million in October, 2021, followed by US$20 million in January, 2022.
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This week, Teachers Dan Madge spokesman would not say whether it did due diligence before investing in FTX.
The Financial Services Regulatory Authority of Ontario (FSRA) said in a statement that it expects Teachers and other pension funds it regulates to follow “robust risk management practices.”
“Pension plan administrators are expected to understand and manage investment risks in accordance with the standard of care required by the Pension Benefits Act,” FSRA spokesman Russ Courtney said in a statement. “The act requires pension plan administrators to oversee the plan with the same care and diligence expected when an individual deals with the property of another.”
In Bitvo’s case, due diligence will fall under the jurisdiction of the Alberta Securities Commission (ASC), which led approval for its deal with FTX and is the primary regulator for the Calgary company’s operations, according to the OSC. JP Vecsi, a spokesman for the OSC, declined to comment further and referred The Globe to the ASC.
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ASC declined to comment. “It is premature for us to comment on the situation surrounding Bahamas-based FTX at this time,” said Theresa Schroder, communications advisor at ASC, referring The Globe back to Bitvo. You will hear bullish and bearish flags mentioned. But what are they? Simply put, it’s an indicator that gives you an idea of where the currency pair you’ve invested in might be heading next.
Any successful business leader will always be looking for new revenue streams to explore and new ways to future proof their company. With this in mind, many entrepreneurs are starting to look at investing some of their savings into various assets in the global financial markets.
This not only creates a new revenue stream from their core business but can provide a better ROI compared to putting these profits in the bank. Trading forex is a great example, but you must know what you are doing first.
When you start trading in the FX market, you will find some important things. The importance of forex fundamental analysis is one and this is definitely worth reading more about at Forex Trader. This website is a trusted source of information for trading in FX and contains everything you need to know about fundamental analysis.
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In addition, you will hear bullish and bearish flags mentioned. But what are they? Simply put, it’s an indicator that gives you an idea of where the currency pair you’ve invested in might be heading next.
A bullish flag will indicate that an upward movement is imminent, while a bearish flag indicates a possible downward movement in the cards. Keeping an eye on these flags is important because they can help you make the right investment decisions. Just as getting tips for business success is key for any entrepreneur, tips on important FX ideas like these are important for investors.
Solving the supply chain crisis is as important to any business in the sector as understanding concepts like bullish or bearish flags is to the savvy investor. Finding these flags is part of technical analysis because you need to study the price chart of the currency pair to find them.
Bullish and bearish flags appear on this chart because they are formations created by recent price action. It is found through technical chart analysis and can often be confirmed by using common technical indicators.
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A bullish flag consists of a large move up which is then followed by a period of price action that creates a parallel downward sloping channel for a while.
Conversely, a bearish flag appears after a large downward movement in price. This is then followed by price action that creates a parallel and upward sloping channel for a while. Once the flag is broken by any future price movement, it can signal another massive price spike or decline.
If you are an entrepreneur who trades in the forex market, you must be familiar with this flag, what it looks like and how it works. If you do this, you have the opportunity to see potential big price moves before they happen and get them early.
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