Canada Welcomes First Regulated Crypto Exchange
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Sept. 22, 2020
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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.

Bank of Canada: CBDC Should be as Accessible as Cash

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.

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