The central bank ordered XTM to shut down its Everyday Payments tip-pooling platform, which has recently seen millions of dollars disappear without explanation from digital wallets held by restaurants across Canada. The order will be in effect for at least 30 days, unless the company successfully argues it should be revoked. (The Logic)

Talking point: Anne Butler, managing director of supervision with the Bank of Canada, said in the order that XTM didn’t properly protect the funds of the restaurant owners who use the platform, causing a shortfall. XTM has seven days to provide a plan for how it intends to comply with the central bank’s rules for payments companies, or transfer its operations to another registered company. The order is the first ever issued by the Bank of Canada under its new oversight regime for payments companies, which is designed to safeguard user from company failures, hacks and other risks.