7 Best Canadian Cryptocurrency Exchanges [Updated]

Bitcoin Canadian Subreddit

Let's talk about Bitcoin in Canada
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CoinberryHQ

Official Community Forum of Coinberry, Toronto's FINTRAC-registered crypto trading platform.
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Bitcoin Automated Teller Machines

A subreddit dedicated to the sharing of information about Bitcoin ATMS (BTC-ATM): * Where to find local BTC-ATMs * Where to buy BTC-ATMs * Different types of BTC-ATMs * How to use BTC-ATMs * Legal issues of operating BTC-ATMs in your Country/State
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A History of Bitcoin Exchanges in Canada

Cavirtex was the first bitcoin exchange in Canada. Vault of Satoshi, QuadrigaCX, and Cointrader.net followed.
At this time, Cavirtex had 10 times the volume compared to the 2nd highest in average trade volume, which was QuadrigaCX.
Cavirtex shut down due to a their database being compromised. They made it public, then clients withdrew their funds. Cavirtex’s database was sold to Coinsetter in NY, which was later acquired by Kraken in SF.
Vault of Satoshi shut down, and its team went on to do different things because trade revenue from bitcoin wasn’t profitable at the time. Cointrader.net was compromised, and clients lost funds.
Quadrigacx, Krakan, Coinbase were serving Canadian clients. Kraken and Coinbase used the Vogogo, a Canadian “payment processor” that is no longer in business. After Vogogo went out of business, Coinbase and Kraken stopped serving funding/withdrawals for Canadian dollars.
Quadrigacx survived the winter before the most recent run-up in price. During the run-up, other exchanges started to emerge. Coinsquare being the most notable one.
What happened with Vogogo was that it was running into problems with being a “payment processor”. A payment processor, as a corporation, is just another corporate bank account. You get a corporate bank account by paying a $200 incorporation fee, then you open a corporate bank account at any Canadian bank or credit union. Once you have this corporate account, you use the account to operate, as a business, serving clients, as a processor of payments — effectively, becoming a small-scale intermediary.
The bank doesn’t want you to do this.
They don’t want you to do this because they operate within a regulatory framework. The bank must obey laws; failure to obey laws result in legal penalities. Penalities from the government are very bad for banks. TD, RBC, CIBC, Scotia, BMO allow operate under the same regulatory framework that they get from the government. It’s not the bank, its the government.
If you go to one of these banks and try to open a bank account for crypto, then will decline you. They don’t know what they should do about crypto as a business operating as a bank because they need the government to say something about what they can and can’t do. The government doesn’t know what to do, so they haven’t done anything yet.
Banks have been shutting down crypto related accounts for years.
Prior to Cavirtex, people would open corporate accounts to trade on localbitcoins. At the time, most people, including banks, had not heard of bitcoin yet.
The whole deal with all these “payment processors”, such as Billerfy, Custodian, Vogogo, etc., is that they all operated as a pseudo-intermediary-bank between the exchange, and the exchanges’ clients, because banks will not offer a bitcoin exchange a corporate account.
Historically, all of these payment processors fail because they get too big.
When you go to a Canadian bank and you are a Canadian citizen, the bank is legally obligated to open a low-cost, personal chequing account. When you go to a Canadian bank and you are a Canadian citizen and you want to open a corporate account, they bank will ask a lot more questions. They want to know about your business because they need to assess its as a liability.
Some of their questions have to do with load. A corporate account, especially a new one, can only “handle” a certain volume of transactions. They’ll ask you about expected transactions. Corporate accounts that have high volumes are monitored with increased scrutiny from the bank.
CIBC is the first A-level Canadian bank that let a weird account get too big. In most cases, what Custodian Inc. was doing would have been flagged and closed off by the bank before it got to this size and magnititude. CIBC “failed” in this regard, but they brought the edge-case to the courts to decide because they don’t know how to proceed. The courts instruction was for the funds to be released in batches to Custodian and Quadrigacx.
Custodian Inc., and other “payment processor” type companies will not exist after this crypto-winter. This is how every Canadian bitcoin company operated, and there was no other way to do it — other than to get a commercial bank account at the bank.
submitted by XBT_Historian to BitcoinCA [link] [comments]

What is the best bitcoin exchange in Canada?

After Quadrigacx's death, I am kinda lost on looking for a new bitcoin exchange with good prices, and low fees.
Which exchange are you using now on?
submitted by dilmendonca to BitcoinCA [link] [comments]

Kraken Opens Bitcoin Exchange in Canada

Kraken Opens Bitcoin Exchange in Canada submitted by gmikeska07 to Bitcoin [link] [comments]

Bitcoin exchanges in Canada - can we use American based ones?

I know that in Canada you need to be registered with FINTRAC (http://www10.fintrac-canafe.gc.ca/msb-esm/public/msb-search/search-by-name/). However, can a Canadian citizen legally use American based exchanges (that do use CAD dollar as well) but are not registered with FINTRAC? For example, Kraken (American based) is not registered. But Coinsquare (Canadian based) is registered.
submitted by LibertyState to Bitcoin [link] [comments]

Three Armed Men Attempted to Rob a Bitcoin Exchange In Canada

Three Armed Men Attempted to Rob a Bitcoin Exchange In Canada submitted by Dataeater to onguardforthee [link] [comments]

Bitcoin Exchanges in Canada Won’t Be Regulated – Report

Bitcoin Exchanges in Canada Won’t Be Regulated – Report submitted by onbitcoin to Bitcoin [link] [comments]

Three Armed Men Attempted to Rob a Bitcoin Exchange In Canada

Three Armed Men Attempted to Rob a Bitcoin Exchange In Canada submitted by bitnewsbot to bitnewsbot [link] [comments]

Three armed men tried to rob a Bitcoin Exchange in Canada

Three armed men tried to rob a Bitcoin Exchange in Canada submitted by fluffyhamsters to OnionNews [link] [comments]

Bitcoin exchanges in Canada - can we use American based ones? /r/Bitcoin

Bitcoin exchanges in Canada - can we use American based ones? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Kraken Opens Bitcoin Exchange in Canada

Kraken Opens Bitcoin Exchange in Canada submitted by knight222 to BitcoinMTL [link] [comments]

Best Bitcoin exchange in Canada?

Hey guys, I have been with Vault of Satoshi for a while, but this 1% fee is killing me. I think the volume has dropped since it kicked in. Who's the current best exchange up here right now?
submitted by sns_abdl to Bitcoin [link] [comments]

Does anyone have any info about starting up a Bitcoin exchange in Canada?

So, I'm looking into firing one of these up. I've got the capital for it. I've been looking into getting VBBB to build the exchange for us. They seem to have a pretty legitimate platform they're operating on. Does anyone have any other recommendations I could look at?
Also, does anyone know of a good banking institution to go through? I know there are some new regulatory frameworks coming down the chute and should be arriving on the scene this July. My guess is that the banks are probably going to be waiting for that to be implemented before they have more confidence in this type of business but if you have heard otherwise, I'd love to know.
What kind of insurance would be needed for this? I probably am going to have to register with FINTRAC, but does anyone know any other legalities I'll need to look into?
How about a recommended staff? Obviously someone who's equipped with computer programming and software engineering would be an asset in case of maintenance or security factors. Anything else?
Finally, what are some features you would like to see on an exchange that isn't being offered yet? What sets the exchange you're using now apart from the rest? I want to be a legitimate and as transparent as possible. I'm very excited about the technology driving Bitcoin forward and I would love to operate an exchange and help drive adoption that much quicker north of the border.
Any and all advice is greatly appreciated. Thanks everyone :)
submitted by Biaxalflip to Bitcoin [link] [comments]

Kraken Opens Bitcoin Exchange in Canada

Kraken Opens Bitcoin Exchange in Canada submitted by BTCNews to BTCNews [link] [comments]

$190 Million in Crypto Gone Forever, How Canada’s Biggest Bitcoin Exchange Lost it All

$190 Million in Crypto Gone Forever, How Canada’s Biggest Bitcoin Exchange Lost it All


QuadrigaCX, the largest bitcoin exchange in Canada, has lost $190 million worth of crypto after it lost access to its cold storage wallets. Jennifer Robertson stated that the demised CEO's Cotten was solely in control of storing user funds in cold storage wallets.
In crypto, cold storage refers to a wallet that is not connected to the internet and stored offline. Usually, major digital asset exchanges like Binance and Coinbase store a large portion of their funds in cold storage to prevent hacking attacks and security breaches.
This will never happen with Level01.io INSTANT DEPOSIT / WITHDRAWALS.
Trader has full control over funds and deposits/withdrawals are done instantly.
submitted by Level01Exchange to u/Level01Exchange [link] [comments]

Bullbitcoin CEO - Today is my last day as an unregulated dealer in virtual currency. As of June 1st 2020, Bitcoin exchanges and payment processors are officially regulated as Money Services Businesses in Canada.

Bullbitcoin CEO - Today is my last day as an unregulated dealer in virtual currency. As of June 1st 2020, Bitcoin exchanges and payment processors are officially regulated as Money Services Businesses in Canada. submitted by Fiach_Dubh to BitcoinCA [link] [comments]

How One Canadian Bitcoin Exchange Is Leading Coinbase and Kraken In The Great White North’s Race To Be The Leading Destination To Buy Bitcoin In Canada

How One Canadian Bitcoin Exchange Is Leading Coinbase and Kraken In The Great White North’s Race To Be The Leading Destination To Buy Bitcoin In Canada submitted by farts_smell_bad to BitcoinCA [link] [comments]

[FULL ANALYSIS] Bitcoin exchanges and payment processors in Canada are now regulated as Money Service Businesses

Hello Bitcoiners!
Many of you saw my tweet yesterday about the Bitcoin regulations in Canada. As usual, some journalists decided to write articles about my tweets without asking me for the full context :P Which means there has been a lot of misunderstanding. Particuarly, these regulations mean that we can lower the KYC requirements and no longer require ID documents or bank account connections! We can also increase the daily transaction limit from $3,000 per day to $10,000 per day for unverified accounts. The main difference is that we now have a $1,000 per-transaction limit (instead of per day) and we must report suspicious transactions. It's important to read about our reporting requirements, as it is the main difference since pretty much every exchange was doing KYC anyway.
Hopefully you appreciate the transparency, and I'm available for questions!
Cheers,
Francis
*********************************************
Text below is copied from: https://medium.com/bull-bitcoin/bitcoin-exchanges-and-payment-processors-in-canada-are-now-regulated-as-money-service-businesses-1ca820575511

Bitcoin is money, regulated like money

Notice to Canadian Bitcoin users

If you are the user of a Canadian Bitcoin company, be assured that:
You may notice that the exchange service you are using has change its transactions limits or is now requiring more information from you.
You can stop reading this email now without any consequence! Otherwise, keep regarding if you are interested in my unique insights into this important topic!

Background on regulation

Today marks an important chapter for Bitcoin’s history in Canada: Bitcoin is officially regulated as money (virtual currency) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), under the jurisdiction of the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC).
This is the culmination of 5 years of effort by numerous Bitcoin Canadian advocates collaborating with the Ministry of Finance, Fintrac and other Canadian government agencies.
It is important to note that there is no new Bitcoin law in Canada. In June of 2014, the Governor General of Canada (representing Her Majesty Queen Elizabeth II) gave royal asset to Bill C-31, voted by parliament under Stephen Harper’s Conservative government, which included amendments to the PCMLTFA to included Bitcoin companies (named “dealers in virtual currency”) as a category of Money Service Businesses.
Thereafter, FINTRAC engaged in the process of defining what exactly is meant by “dealing in virtual currency” and what particular rules would apply to the businesses in this category. Much of our work was centred around excluding things like non-custodial wallets, nodes, mining and other activities that were not related exchange or payments processing.
To give an idea, the other categories that apply to traditional fiat currency businesses are:
When we say that Bitcoin is now regulated, what we mean is that these questions have been settled, officially published, and that they are now legally binding.
Businesses that are deemed to be “dealing in virtual currency” must register with FINTRAC as a money service business, just like they would if they were doing traditional currency exchange or payment processing.
There is no “license” required, which means that you do not need the government’s approval before you can operate a Bitcoin exchange business. However, when you operate a Money Service Business, you must register and comply with the laws… otherwise you risk jail time and large fines.

What activities are regulated as Money Service Business activity?

A virtual currency exchange transaction is defined as: “an exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another.” This includes, but is not limited to:

Notice to foreign Bitcoin companies with clients in Canada

Regardless of whether or not your business is based in Canada, you must register with FINTRAC as a Foreign Money Service Business, if:

How this affects BullBitcoin.com and Bylls.com

The regulation of Bitcoin exchange and payment services has always been inevitable. If we want Bitcoin to be considered as money, we must accept that it will be regulated like other monies. Our stance on the regulation issue has always been that Bitcoin exchanges and payment processors should be regulated like fiat currency exchanges and payment processors, no more, no less. This is the outcome we obtained.
To comply with these regulations, we are implementing a few changes to our Know-Your-Customer requirement and transaction limits which may paradoxically make your experience using Bull Bitcoin and Bylls even more private and convenient!

The bad news

The good news

To understand these regulations, we highly recommend reading this summary by our good friends and partners at Outlier Compliance.

Summary of our obligations

Our responsibilities:
The information required to perform a compliant know-your-customer validation:
Record keeping obligations:

Suspicious transaction reporting

Satoshi Portal is required to make suspicious transactions report to FINTRAC after we have detected a fact that amounts to reasonable grounds to suspect that one of your transactions is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence.
Failure by Satoshi Portal Inc. to report a suspicious transaction could lead to up to five years imprisonment, a fine of up to $2,000,000, or both, for its executives.
We are not allowed to share with anyone other than FINTRAC, including our clients, the contents of a suspicious transaction report as well as the fact that a suspicious transaction report has been filed.

What is suspicious activity?

Note for bitcoinca: this section applies ONLY to Bull Bitcoin. Most exchanges have much stricter interpretation of what is suspicious. You should operate under the assumption that using Coinjoin or TOR will get you flagged at some other exchanges even though it's okay for Bull Bitcoin. That is simply because we have a more sophisticated understanding of privacy best practices.
Identifying suspicious behavior is heavily dependent on the context of each transaction. We understand and take into account that for many of our customers, privacy and libertarian beliefs are of the utmost importance, and that some users may not know that the behavior they are engaging in is suspicious. When we are concerned or confused about the behaviors of our users, we endeavour to discuss it with them before jumping to conclusions.
In general, here are a few tips:
Here are some examples of behavior that we do not consider suspicious:
Here are some example indicators of behavior that would lead us to investigate whether or not a transaction is suspicious:

What does this mean for Bitcoin?

It was always standard practice for Bitcoin companies to operate under the assumption they would eventually be regulated and adopt policies and procedures as if they were already regulated. The same practices used for legal KYC were already commonplace to mitigate fraud (chargebacks).
In addition, law enforcement and other government agencies in Canada were already issuing subpoenas and information requests to Bitcoin companies to obtain the information of users that were under investigation.
We suspect that cash-based Bitcoin exchanges, whether Bitcoin ATMs, physical Bitcoin exchanges or Peer-to-Peer trading, will be the most affected since they will no longer be able to operate without KYC and the absence of KYC was the primary feature that allowed them to justify charging such high fees and exchange rate premiums.
One thing is certain, as of today, there is no ambiguity whatsoever that Bitcoin is 100% legal and regulated in Canada!
submitted by FrancisPouliot to BitcoinCA [link] [comments]

How One Canadian Bitcoin Exchange Is Leading Coinbase and Kraken In The Great White North’s Race To Be The Leading Destination To Buy Bitcoin In Canada

How One Canadian Bitcoin Exchange Is Leading Coinbase and Kraken In The Great White North’s Race To Be The Leading Destination To Buy Bitcoin In Canada submitted by farts_smell_bad to BitcoinMining [link] [comments]

How One Canadian Bitcoin Exchange Is Leading Coinbase and Kraken In The Great White North’s Race To Be The Leading Destination To Buy Bitcoin In Canada

How One Canadian Bitcoin Exchange Is Leading Coinbase and Kraken In The Great White North’s Race To Be The Leading Destination To Buy Bitcoin In Canada submitted by farts_smell_bad to CryptoCurrencies [link] [comments]

Looking to buy Bitcoins for Ransomware - Need Reliable Consultant and Exchange to use in USA / CANADA

Need to buy tends of thousands of dollars in bitcoins, and quickly - please DIRECT MESSAGE or respond with resources to assist, example brokerage in Canada etc.
submitted by KprVlem to msp [link] [comments]

Bitcoin: Closer To The Halving, Canada’s First Bitcoin Fund Now Listed On Toronto Stock Exchange, Wyoming Passes Law To Allow Insurance Companies To Invest In Bitcoin, More Industry Players Weigh In On Bitcoin’s Path Once Businesses Reopen / Biweekly update 5th April - 19th April

Bitcoin: Closer To The Halving, Canada’s First Bitcoin Fund Now Listed On Toronto Stock Exchange, Wyoming Passes Law To Allow Insurance Companies To Invest In Bitcoin, More Industry Players Weigh In On Bitcoin’s Path Once Businesses Reopen / Biweekly update 5th April - 19th April submitted by paradigmfund to bitcoin_uncensored [link] [comments]

Bitcoin: Closer To The Halving, Canada’s First Bitcoin Fund Now Listed On Toronto Stock Exchange, Wyoming Passes Law To Allow Insurance Companies To Invest In Bitcoin, More Industry Players Weigh In On Bitcoin’s Path Once Businesses Reopen / Biweekly update 5th April - 19th April

Bitcoin: Closer To The Halving, Canada’s First Bitcoin Fund Now Listed On Toronto Stock Exchange, Wyoming Passes Law To Allow Insurance Companies To Invest In Bitcoin, More Industry Players Weigh In On Bitcoin’s Path Once Businesses Reopen / Biweekly update 5th April - 19th April submitted by paradigmfund to Paradigm_fund [link] [comments]

Top 3 Crypto-Exchange Platforms To Use In Canada Bitbuy Review: Buy Crypto in Canada 2020: EXACTLY How to buy Bitcoin or ANY CRYPTOCURRENCY in Canada! Instant Access! Buy Bitcoin in Canada: How to Buy Cryptocurrency with BitBuy Exchange in 2020 (For Canadians!) How To Buy Bitcoin In Canada: Bull Bitcoin

Comparison of Canada’s Top Three Bitcoin Exchanges. QuadrigaCX had distinguished itself definitively as the number one cryptocurrency exchange by way of volume in the Canadian market, and it is not particularly close. With the really tragic collapse of the exchange, we are waiting to see who emerges as top dog. 4. Are there any local Bitcoin exchanges based in Canada? There are many Bitcoin exchanges based in Canada. Among the most popular are Coinsquare and BitBuy: Coinsquare. Coinsquare, Founded in 2015, is a Canadian Bitcoin exchange based in Toronto.At the time of writing, it had the highest Bitcoin trading volume. Coinbase is probably one of the most popular and well-known exchanges in the world. It allows Canadian residents to buy Bitcoin using their debit card. Unfortunately, Coinbase does not support Canadian bank transfers (), and most credit card companies do now allow credit card cryptocurrency purchases.This leaves debit cards as your only option in Canada. Many bitcoin-related exchanges and ATMs are regulated under the MSB act. Bitcoin ATMs In Canada As of March 25th, 2020, there are a total of 764 Bitcoin ATMs in Canada to buy bitcoin in person. Currently, the price of 1 Bitcoin is more than $7,000. This is has proven it to be a profitable investment for people. As a result, more and more people are taking up Bitcoin technology in Canada. Stores Accepting Bitcoin in Canada. More and more Canadian Businesses are accepting Bitcoin.

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Top 3 Crypto-Exchange Platforms To Use In Canada

Bull Bitcoin is an easy place to both buy and spend Bitcoin in Canada. The service is available only to Canadian residents and boasts low fees, a variety of funding methods, the ability to pay ... Buy Bitcoin in Canada: How to Buy Cryptocurrency with BitBuy Exchange in 2020 (For Canadians!) - Duration: 16:05. Crypto Casey 16,791 views. 16:05. BitBuy: Best Exchange to Buy & Sell Bitcoin in Canada (Better than Coinbase!) - Duration: 16:05. CryptoCasey 8,952 views. 16:05. Robert Kiyosaki: Market Crash is COMING!! The Crypto Exchanges I Use - Quick Guide for Cryptocurrency Newbies - Duration: ... How To Sell Bitcoin In Canada Easiest Way To Cashout Bitcoin - Duration: 9:10. Income Lounge 3,777 views. How to Buy Bitcoin in Canada using the BitBuy Cryptocurrency Exchange - 2020 Guide for Canadians - BitBuy is one of the best ways to buy and sell bitcoin and other cryptocurrencies in Canada.

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