Until now, the platform, called Wealthsimple Crypto, has existed in private beta with a user waitlist. As of today, users can buy, sell, and hold coins within the app, with no waitlist requirement. Some of the features of the new platform include trading available all hours of the day and all days of the year, real-time quotes, as well as withdrawals and deposits in Canadian dollars. To the extent a crypto-exchange permits certain regulated commodities transactions or swaps in crypto-assets, it will be subject to regulation by the Commodity Futures Trading Commission . However, these AML/CTF obligations do not apply to digital currency exchanges that only convert between digital currencies and where no fiat currency is involved. MAS is consulting on its proposed Payment Services Bill that seeks to address AML/CFT issues relating to cryptocurrency.
According to the statement, Poloniex has never been registered with the agency, while encouraging Canadians to use its platform and allowing Ontario residents to trade crypto derivatives and securities. “Poloniex has never filed a prospectus with the Commission or obtained an exemption from the prospectus requirement,” the OSC wrote. Toronto has the highest number of Bitcoin ATMs, followed by Montreal, buy and sell bitcoin Vancouver, Ottawa, and Calgary. The kiosks can be typically found at airports, malls, and supermarkets, retail stores, and restaurants. The majority of the Bitcoin ATMs support card payments but there are also some that accept transactions in cash. In 2021, Canada’s security regulator made history by approving the first Bitcoin ETF in North America to trade on the Toronto Stock Exchange.

They boast a consistently high rating and the most secure Bitcoin exchange by independent news media. A cryptocurrency exchange invests a lot of money into high-level security methods to meet the authorities’ regulatory criteria and stay in business.Thus the preference for lower risk. CoinSwitch is the largest cryptocurrency exchange aggregator that supports more than 300 cryptocurrencies and more than 45,000 crypto trading pairs. The best part is that you can get to choose your own exchange from amongst multiple leading exchanges. This one might prove beneficial to you as you can get to compare the various exchange rates from a single platform. CoinSwitch is also known for its active customer support team who is active 24/7 to resolve your queries instantly.
As of 2018, the exchange recorded a revenue of $47.3m in five funding rounds. The platform caters to over 100,000 users and it offers Bitcoin trading alongside Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Dash. Coinbase is ideal for beginner investors who are just getting started with cryptocurrency. With its easy onboard and intuitive interface, Coinbase makes it simple to buy your first digital currency.

Quadriga was launched in December 2013 by, among others, Cotten, a then-25-year-old who founded the platform to meet a need in Canada’s burgeoning crypto space. In late 2013, just before Quadriga launched, bitcoin experienced its first bull run and reached values of well over $1,000. Quadriga capitalized on this opportunity to present itself as the platform for Canadians to access bitcoin and other crypto assets, allowing customers to fund their accounts solely with Canadian dollars or bitcoin. Customers could then trade their assets for the assets of other Quadriga clients, making it easy for Canadian customers to invest in bitcoin.
While many of the exchanges are Toronto-based, Shakepay is Montreal-based. It is superior to many other exchanges in its policy of allowing purchases and sales of Bitcoin free of any fees. That means no deposit fees, no withdrawal fees, and no trading fees. One downside is that Shakepay does not accept credit card deposits, only wire transfers and Interac e-transfers. Shakepay was launched in 2015 and is well-known for its excellent customer support. Speaking of Canadian dollars, unless you want to get burned on exchange rate fees, it’s always wise to fund your account with Canadian dollars.
Resale of tokens from an ICO on cryptocurrency exchanges or secondary market is also regulated. Resellers or issuers of tokens from an ICO considered a security need to register as a dealer, comply with registration requirements, or ensure they are exempt. Fines and incarceration are potential punishments for those failing to comply. An issuer of an ICO should be advised of the multiple regulations their tokens and platform may be subjected to in order to ensure compliance.

A person will realise taxable income on an eventual disposition of a cryptocurrency. This includes a sale of the cryptocurrency for cash and the use of the cryptocurrency to pay for goods or services, or as consideration under other contractual rights/obligations (i.e., a “barter transaction”, described below). Once a cryptocurrency has been acquired, it will be important to determine its cost for Canadian tax purposes, which is a fundamental concept for determining the future income tax consequences on an eventual disposition of the cryptocurrency. The threshold question is whether the initial acquisition of a cryptocurrency is a taxable event that potentially triggers a Canadian income tax liability to the person acquiring the cryptocurrency.
Bit It maintains bank-level security which is independently tested and audited on a continual basis. They are one of the bitcoin exchanges out there that ensure training for staff is continuous to ensure that security levels remain robust. As a regulated entity, Bit It adheres to all Data protection regulations on data privacy which ensures the highest security standards for the protection of customer information are in place. For withdrawals, users may withdraw Binance supported crypto to external wallets and also allows the withdrawal of Fiat money. This Crypto exchange in Canada offers a very extensive knowledge base and most standard requests will probably find an answer here.
The accounting firm Ernst & Young, tasked with auditing the company as it undergoes bankruptcy proceedings, discovered numerous money-losing trades executed by Cotten, using customers’ funds. Uncertainty about the missing funds has fueled speculation that Cotten may still be alive. In their letter to the RCMP the law firm underlined the “need for certainty around the question of whether Mr Cotten is in fact deceased”. “The laptop computer from which Gerry carried out the companies’ business is encrypted and I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere,” she said in court filings. The news rocketed TechX’s share price to its highest point of the year so far, coming in at C$1.48 on April 7.