Canada has welcomed the very first regulated cryptocurrency exchange called Wealthsimple Crypto.
According to an official announcement, Canadians can now buy and sell stocks, bonds, ETFs and cryptocurrencies in a fully regulated legal environment. Initially, the exchange only supports bitcoin (EXANTE: Bitcoin) and ethereum (ETH).
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The exchange does not charge any withdrawal/deposit fees. Instead of this, the exchange charges users trading fees. The difference between those two prices (the spread) includes the fees Wealthsimple charges.
Wealthsimple Digital Assets Inc. received an approval from the Canadian Securities Administration (CSA) back in August 2020. According to the CSA, the US-based cryptocurrency exchange Gemini will operate a custody account for Wealthsimple Crypto to use for the purpose of holding clients’ cryptocurrencies.
In July 2020, Cole Diamond, the CEO of a Canadian popular cryptocurrency exchange Coinsquare, and president Virgile Rostand resigned from their positions and paid the fine of $1 million and $900,000, respectively amid accusations of wash trading.
According to a document, Rostand and Diamond are prohibited from acting as registrants and directors for three years.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.