Skip to content

Securities regulators push for further crypto trading platform commitments

TORONTO — The Canadian Securities Administrators (CSA) says crypto trading platforms are now expected to make certain commitments that address investor protections while their registration applications are being reviewed.
20220815160832-fe8647d7724ea592febe6840dc1d14843a6063598240696d759684915e8781c1
The Bitcoin logo appears on the display screen of a crypto currency ATM, Tuesday, Feb. 9, 2021, in Salem, N.H. The Canadian Securities Administrators says crypto trading platforms now need to make certain commitments that address investor protections while their registration applications are being reviewed. THE CANADIAN PRESS/AP-Charles Krupa

TORONTO — The Canadian Securities Administrators (CSA) says crypto trading platforms are now expected to make certain commitments that address investor protections while their registration applications are being reviewed.

The umbrella organization of provincial securities regulators says Crypto.com and Coinsquare Capital Markets Ltd. are the first to submit the pre-registration undertakings.

The CSA says provincial regulators are in discussion with other crypto trading platforms about following suit, and that regulators may take action if a crypto trading platform is not prepared to file an undertaking.

The commitments cover a range of issues, including not offering advice to clients, not providing margin trading, and setting some limits on how much clients can trade.

In June, the Ontario Securities Commission went after two crypto international trading platforms that failed to adhere to provincial securities law, securing a permanent market participation ban on one and reaching a settlement with the second. 

Several crypto-trading platforms are already authorized in Canada including Coinberry Ltd., Bitbuy Technologies Inc., and Wealthsimple Digital Assets Inc. 

This report by The Canadian Press was first published Aug. 15, 2022.

The Canadian Press

push icon
Be the first to read breaking stories. Enable push notifications on your device. Disable anytime.
No thanks