Crypto News

Canada’s first regulated crypto exchange Wealthsimple Crypto goes live

Winklevoss brothers-founded Gemini powers the first regulated crypto exchange in Canada.

Wealthsimple Crypto, the first regulated cryptocurrency exchange in Canada, is rolling out its trading platform to the public today.

Starting from Sept. 22, users in all 13 provinces and territories in Canada will be able to sign up for the new product and start trading cryptocurrencies.

At the launch, Wealthsimple Crypto will allow users to buy and sell Bitcoin (BTC) and Ether (ETH) through the platform’s mobile app. Deposits and withdrawals can only be made in Canadian dollars,

The public launch of Wealthsimple Crypto comes shortly after the company received regulatory approval from Canadian securities regulators on Aug. 7. To date, Wealthsimple Crypto is the only crypto asset platform that has been authorized to operate in Canada by the Canadian Securities Administration (CSA), a representative told Cointelegraph.

Prior to public launch, Wealthsimple Crypto was available in beta, allowing Canadians to join a waitlist to be invited to use the platform. According to Wealthsimple’s representatives, more than 130,000 Canadians joined the waitlist so far.

Wealthsimple will not hold any cryptocurrency assets in its own hot or cold wallets. Blair Wiley, Wealthsimple’s general counsel, says that the crypto custody service on Wealthsimple is provided by Gemini, a major United States-based digital asset platform founded by Cameron Winklevoss and Tyler Winklevoss.

According to Wiley, collaboration with Gemini is one of the factors that contributed to Wealthsimple Crypto becoming regulated in Canada. The exec previously said that trying to offer too many services can be an impediment to becoming a fully regulated exchange, stating:

“Probably the simplest explanation is that folks who came before us tried to do everything — buy and sell crypto for clients, operate an exchange, hold onto the crypto that clients buy […] And each one of those activities has its own long list of regulatory requirements. If one business tries to do all that, it makes getting regulatory approval a lot harder.”

Based in Toronto, Wealthsimple is a Canadian online investment management service focused on millennials. The company announced its plans to offer crypto trading in July 2020.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Canada’s First Regulated Cryptocurrency Exchange...
10 days ago

[…] Read the full story here […]

Related Crypto News

Zimbabwe’s Stock Exchange Open to Crypto Listing Subject to ‘Regulatory Approval’
Zimbabwe Stock Exchange (ZSE) CEO Justin Bgoni says its recently licensed subsidiary, the Victoria Falls Stock Exchange is open...
Data: Synthetix (SNX) Investors Are Accumulating the Coin In Waves
It’s been a tough past few days for the entire crypto market. Synthetix Network Token (SNX), in particular, has...
COVID-19, Trump, KuCoin, BitMEX: Bitcoin price says keep calm and carry on
Bitcoin’s stability throughout an eventful week shows traders are confident that the bullish uptrend will resume soon. Bitcoin (BTC)...
BitMEX Sees Largest Single-Hour Bitcoin Outflows Ever Following CFTC Charges
BitMEX has long been a source of polarization within the crypto industry. Despite many traders blaming it for the...
Bitcoin’s Black Swan: What Happens If The CFTC Targets Tether Next?
The unthinkable just happened: Bitcoin derivatives trading platform BitMEX is being targeted by the CFTC for a variety of...
BitMex has bled 45k Bitcoin since US gov charges, allowing other exchanges to benefit
Gemini, Binance, OKEx and Huobi appear to be the biggest gainers of the BitMex fallout. Over 45,000 Bitcoin has...

Featured Crypto News

Three key reasons Dow plunge won’t cause a bigger Bitcoin drop below $10K
Bitcoin price slipped as the Dow Jones sharply dropped, but three key reasons might prevent a prolonged pullback. The...
Galaxy Digital CEO: Bitcoin Dips Should Be Bought Despite BitMEX News
Bitcoin faced a strong correction on Thursday from its $10,900 daily high. The leading cryptocurrency currently trades for $10,400,...
Yield farming platform APY Finance locks $67 million in first hour
APY.Finance is the latest DeFi protocol to explode in popularity, locking more than $67 million of stablecoins in the...
NBA TopShot opens to public after closed beta drives $2M in NFT sales
NBA Top Shot, the officially licensed crypto collectibles from the team behind CryptoKitties, has opened its beta version to...
Are ‘social tokens’ the next big thing?
Creators and influencers have a new way to monetize their efforts and reward their loyal followers. Social tokens —...
A Lifelong US Dollar Downtrend Paints Bullish Outlook for Bitcoin
The US dollar is on track for its most significant monthly performance since July 2019. But it continues to...