Canada’s first regulated cryptocurrency exchange goes live

Backed by the Winklevoss brothers, Wealthsimple Crypto has gained the status of Canada’s first regulated cryptocurrency exchange. On Tuesday, September 22, the platform began trading for all residents of the country.

Wealthsimple Crypto is the simplest way to trade Bitcoin and Ethereum and now the wait is over!

Get access to:
✔️ Canada’s first regulated crypto platform
✔️ Simple, transparent pricing
✔️ No minimums or fees for deposits or withdrawals

— Wealthsimple (@Wealthsimple) September 22, 2020

Users can trade BTC and ETH through the Wealthsimple Crypto mobile app. Deposits and withdrawals are available only in Canadian dollars.

The platform will not hold cryptocurrency assets in its own wallets. This service is provided by Gemini Custody, the Winklevoss brothers’ custodial service. Wealthsimple’s chief legal officer Blair Wiley said that the arrangement helped obtain regulatory approval in Canada.

According to him, each service has its own regulatory requirements. If the exchange intends to offer the full package, obtaining approval from the regulators will be much more difficult.

Wealthsimple Crypto получила одобрение от канадского Управления по ценным бумагам 7 августа. До публичного запуска торговая площадка была доступна в бета-версии. По словам представителей компании, в списке ожидания зарегистрировалось более 130 000 пользователей.

In June, Canada legalized the activities of local and foreign cryptocurrency companies.

The new rules classify them as money-transfer service providers and require registration with the Financial Transactions and Reports Analysis Centre.

Follow ForkLog news on Facebook!