Canada is cracking down on non-compliant cryptocurrency exchanges. This is in line with new laws that the country enacted in March. The crackdown has caught up with Poloniex, one of the better-known crypto exchanges in the world.
According to the Ontario Securities Commission, Poloniex has not registered with the agency as stipulated by the law. This means the exchange has been allowing Canadians to trade on the platform contrary to the law.
The commission further noted that despite warnings, the exchange continued its operations. For this reason, it is ordering the exchange to cease its operations in Canada.
The Ontario Securities Commission has also directed that Poloniex is barred from any securities acquisitions and operating as an investment fund manager. On top of that, Poloniex will have to pay one million Canadian dollars every time that it failed to comply with the law.
So far, Poloniex has not given a response to this directive. What is interesting is that only one exchange in Canada is registered with the authorities. However, over 70 of them have already started the process of compliance.
Iran Bans Bitcoin Mining
In other news, Iran has banned Bitcoin mining. The ban takes effect now and will go on until September. Iranian authorities have stated that this move is aimed at preserving electricity in the summer.
According to a Bloomberg report, the announcement was made via television by the country’s president. The Iranian government wants to ensure that households have enough electricity all through the summer.