Bitbuy Becomes First Crypto Trading Platform to Be Regulated as a Marketplace in Canada
Toronto, Ontario--(Newsfile Corp. - December 2, 2021) - Bitbuy Technologies Inc. ("Bitbuy") is pleased to announce that it has become Canada's first - and only - crypto trading platform to become regulated as a marketplace, in addition to being registered as a restricted dealer in Canada.1
As a result, Bitbuy can now offer Canadians a fully integrated solution for buying and selling crypto assets, with all trades taking place on its regulated marketplace. This is a watershed moment for Canadians looking to invest in crypto assets easily and safely in a regulated environment.
A new future for Canadian investors in crypto
Many investors might not realize that, when they use a Canadian broker to buy and sell crypto assets, their orders are being routed to a third-party that is not a regulated marketplace in Canada. These Canadian dealers simply apply a spread to your order before sending it to another platform or intermediary to complete the trade.
In contrast, investors who choose to place their trades through the Bitbuy platform will have their orders matched against other live orders in Bitbuy's Canadian regulated marketplace and will only be charged transparent and consistent fees based on a traditional "maker and taker" model.
What does this mean for Canadian investors?
- True pricing with no baked-in spreads or hidden fees.
- Deep liquidity for all sizes of orders, including institutional clients seeking to be matched against other institutional orders.
- Better transparency for all Canadians seeking access to crypto assets.
"We are pleased to have satisfied the members of the Canadian Securities Administrators, and are proud to be Canada's first regulated marketplace," says Bitbuy CEO, Michael Arbus. "We believe Canadians deserve full disclosure over the cost of the crypto assets they are trading. Being regulated both as a restricted dealer and marketplace means that Bitbuy is the only registered platform in Canada today that matches client orders against true live orders. This offers heightened transparency, lower transaction costs, and, at the end of the day, we strive to provide better execution prices for our clients. Canadians have a choice to invest their capital with a platform that reports the actual execution price of a trade."
Bitbuy's tailored approach enables it to offer unlimited trading in alternative coins
Certain other regulated Canadian crypto trading platforms have a $30,000 annual trading limit for users on certain alternative coins. However, Bitbuy uses a suitability model that allows it to offer qualified users unlimited trading in all of the coins available on its platform.2
With many global platforms announcing their departure from Canada, Bitbuy has positioned itself to become the destination of choice for Canadians seeking unlimited trading access to alternative coins, whether they are institutions, family offices, high net worth individuals or other qualified Canadians.
Bitbuy President, Dean Skurka explains, "Whether Canadians are buying Bitcoin, Ethereum, or alternative coins; Bitbuy knows that price and best-execution matter. We are proud to be leader in providing that transparency to our clients."
Protecting clients' assets
Recognizing safety and security is a point of hesitation for Canadians looking to invest in crypto assets, in conjunction with registration, Bitbuy has also increased the amount of insurance that it holds to cover clients' assets stored in both hot wallets and cold storage.
2022 and beyond
Following today's announcement, Bitbuy will continue to evolve the crypto asset landscape in Canada with exciting new initiatives planned for 2022, including:
- Offering the most coins in Canada. Stay tuned to our Twitter and Instagram feeds for an update on our upcoming coin launches.
- Increasing the liquidity offered on its registered marketplace, targeting institutional capital participation for the benefit of all Bitbuy clients.
Bitbuy's vision is to offer Canadians the best global prices, the deepest liquidity, and the most products.
Bitbuy is proudly Canadian owned and operates a crypto trading platform regulated as a marketplace and licensed as a restricted dealer in Canada. Our mission is to provide our clients the best global prices, the deepest liquidity, and the most crypto asset products in Canada with a convenient, dependable, and secure platform. Bitbuy's head office is in downtown Toronto, with over 85 employees. Bitbuy is also registered with FINTRAC as a Money Services Business in the Virtual Asset Service Provider category. Bitbuy was founded in 2016 and is currently one of Canada's largest crypto trading platforms by trading volume. Bitbuy offers crypto trading services to beginners, advanced traders, and corporations making it The crypto destination of investors.TM
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, Bitbuy has made certain assumptions, including with respect to its offering of further coins on its crypto trading platform and its intention to provide the best global pricing and deepest liquidity to Canadians.
Although Bitbuy believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, Bitbuy disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
Bitbuy Technologies Inc.
1 Pursuant to an order https://www.osc.ca/en/securities-law/orders-rulings-decisions/bitbuy-technologies-inc
granted by the Ontario Securities Commission and other securities regulators across Canada, Bitbuy has become registered as a restricted dealer in every jurisdiction of Canada and as a marketplace in Ontario, Quebec, Alberta, Saskatchewan, Manitoba, Prince Edward Island, Newfoundland and Labrador, Yukon, Northwest Territories and Nunavut.
2 Generally, Bitbuy users who qualify as "accredited investors" under Canadian securities laws qualify for unlimited trading. In addition, residents in Alberta, British Columbia, Manitoba and Québec may also qualify for unlimited trading limits regardless of whether they are accredited investors.
To view an enhanced version of the "Marketplace vs. Broker Dealer" image, please visit:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106235