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Balance Introduces Balance Compliance for Canadian MSBs Dealing in Virtual Currency
Balance, Canada’s largest digital asset custodian, today unveiled Balance Compliance, a turnkey solution that streamlines regulatory compliance for FINTRAC reporting entities dealing in virtual currency such as money services businesses (MSBs). Balance Compliance is the result of over 18 months of work and enables Balance Custody clients which are FINTRAC reporting entities to perform the following on the platform:
- Designate default originators (i.e., conductors) and beneficiaries on digital wallets as well as external accounts to streamline compliance workflows;
- Submit instructing third-party information on large deposits and automatically submit Large Virtual Currency Transaction Reports (LVCTRs);
- Comply with sanctions policies through our integration with Chainalysis, a leading blockchain data platform;
- Comply with Travel Rule requirements through our integration with Travel Rule Universal Solution Technology (TRUST), a leading industry solution;
- Export Large Virtual Currency Transaction (LVCT) records and records of virtual currency transfers equivalent to $1,000 or more in a standardized format.
“The regulatory burden for Canadian companies entering the space in 2022 is non-trivial. Depending on the business model, you might be looking at $100k+ in costs for just developing the LVCTR reporting system alone. For early-stage startups these costs tend to be prohibitive, creating a barrier to entry and slowing down innovation. We’re happy to provide a solution where submitting LVCTRs is as easy as delegating Balance as your service provider in FINTRAC Web Reporting,” said Nuno Silva, Chief Product Officer.
“Given FINTRAC’s recent retraction of its position with respect to merchant servicing and payment processing, certain virtual currency payment providers and crowdfunding platforms now need to register as MSBs. For a large majority of them, this new compliance overhead translates into negative unit economics. That doesn’t have to be the case. At scale, these costs blend in for us. Come leverage our platform for compliance peace of mind and focus on the core and spirit of your business instead,” said George Bordianu, Chief Executive Officer.
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- Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform Read more
- Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel Read more
- Redbridge: Visa’s Commercial Enhanced Data Program (CEDP) – What Merchants Are Really Facing Read more
- TSAM London: FE fundinfo on Mastering Data and Unifying Operations in Asset Management Read more
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One in Four U.S. Adults Now Use Crypto, According to National Cryptocurrency Association’s 2026 State of Crypto Holders Report
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Tether Launches Developer Grants Program to Fund Local-First AI and Payments Infrastructure
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Crypto.com Receives UAE Stored Value Facilities License to Enable Virtual Asset Payments for Government Services
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Bitget Launches Scan to Pay for Instant Payments via USDT
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Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding
Nuvo Technologies, the AI-native customer-to-cash platform, today announced an integration with Avalara, the agentic AI leader in global tax and compliance. The integration connects Nuvo’s AI-powered onboarding with Avalara’s exemption certificate management and real-time tax calculation capabilities—enabling B2B suppliers to handle credit applications and tax compliance in a single, unified experience. The result is a single workflow where suppliers can approve customers and ensure tax compliance at the same time.
Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform
Lumin Digital, the Compounding Growth Platform for banks and credit unions, today unveiled Lumin Solaire, an AI-native intelligence layer embedded across its platform. The announcement was made at Lumination, the company’s annual client conference, where Lumin is showcasing its platform strategy and product roadmap.
Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel
Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a digital sales and service platform provider for financial institutions in the U.S., today announced a new partnership between MANTL, an Alkami solution team and leading provider of loan and deposit account opening technology, and Sturgis Bank, a community bank serving Michigan through 16 branches, to transform its account opening experience for business and retail customers. Through this partnership, Sturgis Bank will modernize onboarding across all physical and digital banking channels, reinforcing its commitment to delivering a seamless, efficient, and customer-centric experience while expanding accessibility and accelerating digital growth.
Redbridge: Visa’s Commercial Enhanced Data Program (CEDP) – What Merchants Are Really Facing
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TSAM London: FE fundinfo on Mastering Data and Unifying Operations in Asset Management
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Reap and TerraPay Partner to Expand Local Payout Corridors Globally
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