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FTX Invoked by Canada Banks Group in Call for Payment Safeguards

FTX 'Horror Stories' Abound in Crypto Exchange's Bahamas Home
Photographer: Andrey Rudakov/Bloomberg

The main lobbying group for Canada’s banking industry invoked the collapse of FTX and Celsius Network in warning that the government needs to establish better consumer protections for the country’s payments systems.

The Bank of Canada was given power to oversee payment-service providers last year -- a move the banking industry welcomed -- but the absence of consumer protections in its supervision framework so far is “a significant shortcoming,” Canadian Bankers Association President Anthony Ostler said in a speech to the Canadian Club Toronto Thursday.